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