House File 614 - Introduced



                                       HOUSE FILE       
                                       BY  FORD


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

                                      A BILL FOR

  1 An Act requiring a study of tax increment financing for purposes
  2    of urban renewal and providing an appropriation.
  3 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
  4 TLSB 2354HH 82
  5 sc/es/88

PAG LIN



  1  1    Section 1.  TAX INCREMENT FINANCING STUDY.
  1  2    1.  The department of economic development shall contract
  1  3 with members of the faculty of one or more Iowa institutions
  1  4 of higher education under the control of the state board of
  1  5 regents for the purpose of evaluating the use of tax increment
  1  6 financing for economic development outside of urban renewal
  1  7 areas designated as slum and blighted areas as opposed to
  1  8 urban renewal areas designated as slum and blighted areas.
  1  9 The evaluation shall include an analysis of whether approved
  1 10 projects would have been financially feasible or would have
  1 11 occurred without the use of tax increment financing outside of
  1 12 urban renewal areas designated as slum and blighted areas as
  1 13 opposed to urban renewal areas designated as slum and blighted
  1 14 areas and whether availability of tax increment financing for
  1 15 economic development projects outside of urban renewal areas
  1 16 designated as slum and blighted areas diminishes the ability
  1 17 to promote the economic recovery of slum and blighted areas.
  1 18 The department shall report concerning the results of the
  1 19 study on or before December 1, 2008, to the governor, the
  1 20 general assembly, and any legislative interim committee
  1 21 addressing economic development or taxation issues and meeting
  1 22 during the 2007 or 2008 legislative interim.
  1 23    2.  There is appropriated from the general fund of the
  1 24 state to the department of economic development for the fiscal
  1 25 period beginning July 1, 2007, and ending June 30, 2009, the
  1 26 following amount, or so much thereof as is necessary, for the
  1 27 purposes designated in subsection 1:
  1 28 .................................................. $    140,000
  1 29                           EXPLANATION
  1 30    This bill requires the department of economic development
  1 31 to contract with one of the regents institutions to evaluate
  1 32 the use of tax increment financing in urban renewal areas
  1 33 other than slum and blighted urban renewal areas.  The bill
  1 34 appropriates $140,000 to the department for the fiscal period
  1 35 beginning July 1, 2007, and ending June 30, 2009, to fund the
  2  1 study.
  2  2    The bill provides that the department, on or before
  2  3 December 1, 2008, shall report the results of the study to the
  2  4 governor, the general assembly, and any interim committee
  2  5 addressing economic development or taxation issues and meeting
  2  6 during the 2007 or 2008 legislative interim.
  2  7 LSB 2354HH 82
  2  8 sc:nh/es/88.2