As part of recent urban renewal and tax increment financing reform, Iowa has adopted House Bill 2460, improving TIF transparency in Iowa.
Cities and Counties in Iowa are authorized to establish urban renewal areas and rural improvement zones. TIF can be used for economic development in those zones. Under previous law, Cities and Counties were required to submit a budget on an annual basis that contained financial information for each TIF area, including actual TIF revenue and estimated and actual TIF expenditures. House Bill 2460 broadened reporting requirements to mandate that each City and County with a TIF District disclose additional information in the annual financial reports, including:
· Area boundaries, maps and descriptions;
· Development plans;
· Development projects;
· Annual expenditures;
· Amount of indebtedness;
· Amount and use of tax increment;
· Balance in the TIF fund; and
· District property values.
In addition, House Bill 2460 requires the Iowa Department of Management to create a searchable database to be available online as of December 1, 2012. This searchable database is designed to provide the public with all information included in the annual financial reports for all of Iowa’s urban renewal areas and rural improvement zones.
Click here for the searchable database.