Section 15J.1 – Short title.

15J.1 Short title. This chapter shall be known and may be cited as the “Iowa Reinvestment Act”. 2013 Acts, ch 119, §1

Section 15J.2 – Definitions.

15J.2 Definitions. As used in this chapter, unless the context otherwise requires: 1. “Board” means the same as defined in section 15.102. 2. “Commencement date” means the date established for each district by the board under section 15J.4, subsection 3, upon which the calculation of new state sales tax and new state hotel and motel […]

Section 15J.3 – Preapplication process.

15J.3 Preapplication process. The board may establish by rule a preapplication process to provide information related to the requirements of this chapter, to determine the interest of municipalities in establishing districts under this chapter, and to assist municipalities in preparing a proposed district plan. 2013 Acts, ch 119, §3

Section 15J.4 – District establishment — approval.

15J.4 District establishment — approval. 1. A municipality that has an area suitable for development within the boundaries of the municipality or within the combined boundaries of a municipality under section 15J.2, subsection 7, paragraph “c”, is eligible to seek approval from the board to establish a reinvestment district under this section consisting of the […]

Section 15J.5 – New state tax revenue calculations.

15J.5 New state tax revenue calculations. 1. a. The department shall calculate quarterly the amount of new state sales tax revenues for each district established in the state to be deposited in the state reinvestment district fund created in section 15J.6, pursuant to section 423.2A, subsection 2, subject to remittance limitations established by the board […]

Section 15J.6 – State reinvestment district fund.

15J.6 State reinvestment district fund. 1. A state reinvestment district fund is established in the state treasury under the control of the department consisting of the new state sales tax revenues collected within each district and deposited in the fund pursuant to section 423.2A, subsection 2, and the new state hotel and motel tax revenues […]

Section 15J.7 – Reinvestment project fund.

15J.7 Reinvestment project fund. 1. State sales tax revenue and state hotel and motel tax revenue remitted by the department to a municipality pursuant to section 15J.6 shall be deposited in a reinvestment project fund of the municipality and shall be used to fund projects within the district from which the revenues were collected. If […]

Section 15J.8 – End of deposits — district dissolution.

15J.8 End of deposits — district dissolution. 1. As of the date twenty years after the district’s commencement date, the department shall cease to deposit state sales tax revenues and state hotel and motel tax revenues into the district’s account within the fund, unless the municipality dissolves the district by ordinance or resolution prior to […]