House Journal: Page 1363: Friday, April 25, 2003
46 plan shall be limited to twenty years from the
47 calendar year following the calendar year in which the
48 municipality first certifies to the county auditor the
49 amount of any loans, advances, indebtedness, or bonds
50 which qualify for payment from the division of revenue
Page 4
1 provided in section 403.19. Such designated area
2 shall not include agricultural land, including land
3 which is part of a century farm, unless the owner of
4 the agricultural land or century farm agrees to
5 include the agricultural land or century farm in the
6 urban renewal area. For the purposes of this
7 subsection, "century farm" means a farm in which at
8 least forty acres of such farm have been held in
9 continuous ownership by the same family for one
10 hundred years or more.
11 Sec. 9. Section 403.17, Code 2003, is amended by
12 adding the following new subsection:
13 NEW SUBSECTION. 12A. "Indebtedness" includes, but
14 is not limited to, a written agreement to suspend,
15 abate, exempt, rebate, refund, or reimburse property
16 taxes or to provide a grant for property taxes paid.
17 Sec. 10. Section 403.19, subsection 1, paragraphs
18 a and b, Code 2003, are amended to read as follows:
19 a. Unless otherwise provided in this section, that
20 portion of the taxes which would be produced by the
21 rate at which the tax is levied each year by or for
22 each of the taxing districts upon the total sum of the
23 assessed taxable value of the taxable property in the
24 urban renewal area, as shown on the assessment roll as
25 of January 1 of the calendar year preceding the first
26 calendar year in which the municipality certifies to
27 the county auditor the amount of loans, advances,
28 indebtedness, or bonds payable from the division of
29 property tax revenue, or on the assessment roll last
30 equalized prior to the date of initial adoption of the
31 urban renewal plan if the plan was adopted prior to
32 July 1, 1972, shall be allocated to and when collected
33 be paid into the fund for the respective taxing
34 district as taxes by or for the taxing district into
35 which all other property taxes are paid. However, the
36 municipality may choose to divide that portion of the
37 taxes which would be produced by levying the
38 municipality's portion of the total tax rate levied by
39 or for the municipality upon the total sum of the
40 assessed taxable value of the taxable property in the
41 urban renewal area, as shown on the assessment roll as
42 of January 1 of the calendar year preceding the
43 effective date of the ordinance and if the
44 municipality so chooses, an affected taxing entity may
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