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