99.1086. Redevelopment plan, contents--adoption of plan, when.
Redevelopment plan, contents--adoption of plan, when.
99.1086. 1. A redevelopment plan shall set forth in writing ageneral description of the program to be undertaken to accomplish theredevelopment projects and related objectives and shall include, but neednot be limited to:
(1) The name, street and mailing address, and phone number of themayor or chief executive officer of the municipality;
(2) The street address of the redevelopment site;
(3) The estimated redevelopment project costs;
(4) The anticipated sources of funds to pay such redevelopmentproject costs;
(5) Evidence of the commitments to finance such redevelopment projectcosts;
(6) The anticipated type and term of the sources of funds to pay suchredevelopment project costs;
(7) The anticipated type and terms of the obligations to be issued;
(8) The general land uses to apply in the redevelopment area;
(9) A list of other community and economic benefits to result fromthe project;
(10) A list of all other public investments made or to be made bythis state or units of local government to support infrastructure or otherneeds generated by the project for which the funding under sections 99.1080to 99.1092 is being sought;
(11) A certification by the chief officer of the applicant as to theaccuracy of the redevelopment plan;
(12) A study analyzing the revenues that are being displaced as aresult of the project that otherwise would have occurred in the marketarea. The department of economic development shall have discretion toexempt smaller projects from this requirement;
(13) An economic feasibility analysis including a pro forma financialstatement indicating the return on investment that may be expected withoutpublic assistance. The financial statement shall detail any assumptionsmade including a pro forma statement analysis that demonstrates the amountof assistance required to bring the return into a range deemed attractiveto private investors. That amount shall not exceed the estimatedreimbursable project costs.
2. The redevelopment plan may be adopted by a municipality inreliance on findings that a reasonable person would believe:
(1) The redevelopment area on the whole is a blighted area or aconservation area as determined by an independent third party. Such afinding shall include, but not be limited to, a detailed description of thefactors that qualify the redevelopment area or project under thissubsection;
(2) The redevelopment area has not been subject to growth andredevelopment through investment by private enterprise or would notreasonably be anticipated to develop or continue to be developed withoutthe implementation of one or more redevelopment projects and the adoptionof local and state redevelopment financing;
(3) The redevelopment plan conforms to the comprehensive plan for theredevelopment of the municipality as a whole;
(4) The estimated dates, which shall not be more than twenty-fiveyears from the adoption of the ordinance approving any redevelopmentproject, of the completion of such redevelopment project and retirement ofobligations incurred to finance redevelopment project costs have beenstated, provided that no ordinance approving a redevelopment project shallbe adopted later than fifteen years from the adoption of the ordinanceapproving the redevelopment plan and provided that no property for aredevelopment project shall be acquired by eminent domain later than tenyears from the adoption of the ordinance approving such redevelopment plan;
(5) In the event any business or residence is to be relocated as adirect result of the implementation of the redevelopment plan, a plan hasbeen developed for relocation assistance for businesses and residences; and
(6) The redevelopment plan does not include the initial developmentor redevelopment of any gambling establishment.
(L. 2005 H.B. 58 merged with S.B. 210)