IA HSB765

Requires the Department of Administrative Services director to maintain a publicly accessible digital inventory of all state buildings and establish a four-year review cycle evaluating at least 25% of buildings annually for utilization, condition, operating costs, and market value.

Defines "underutilized property" as buildings with less than 50% occupancy or where operations and deferred maintenance costs exceed the property's market value or replacement cost.

Mandates agencies controlling underutilized properties initiate vacation and disposal within 60 days of the annual optimization report's release, with reports due to the governor and general assembly by December 1 each year.

Allows agencies to seek retention by submitting written justification to the legislative council with a 12-month improvement plan, but prohibits basing requests on unfunded future growth, storage of obsolete materials, or staff convenience.

Directs that 50% of net proceeds from underutilized property sales be deposited in the Rebuild Iowa Infrastructure Fund and 50% in the state general fund.