House File 2188 - Introduced



                                       HOUSE FILE       
                                       BY  WHITEAD


    Passed House,  Date               Passed Senate, Date             
    Vote:  Ayes        Nays           Vote:  Ayes        Nays         
                 Approved                            

                                      A BILL FOR

  1 An Act relating to economic development urban renewal areas and
  2    including an effective date provision.
  3 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
  4 TLSB 5522HH 82
  5 sc/rj/5

PAG LIN



  1  1    Section 1.  NEW SECTION.  403.5A  LIMITATION ON CERTAIN
  1  2 URBAN RENEWAL AREAS.
  1  3    In designating an area as an economic development urban
  1  4 renewal area, a municipality shall not include in that area
  1  5 property comprising more than twenty=five percent of the
  1  6 geographical area that had previously been included in an
  1  7 economic development urban renewal area if the division of
  1  8 revenue stated in the urban renewal plan for such economic
  1  9 development urban renewal area expired after twenty years by
  1 10 operation of section 403.17, subsection 10.
  1 11    Sec. 2.  EFFECTIVE DATE.  This Act, being deemed of
  1 12 immediate importance, takes effect upon enactment.
  1 13                           EXPLANATION
  1 14    This bill provides that if a municipality designates an
  1 15 area as an economic development urban renewal area, no more
  1 16 than 25 percent of the geographic area designated shall be
  1 17 property that had previously been included in an economic
  1 18 development urban renewal area if the division of revenue (tax
  1 19 increment financing) for the former economic development urban
  1 20 renewal area expired after 20 years.
  1 21    The bill takes effect upon enactment.
  1 22 LSB 5522HH 82
  1 23 sc/rj/5