IA SF655

Authorizes municipalities (cities, counties, or townships) to create land redevelopment trusts to acquire and rehabilitate dilapidated, abandoned, blighted, and tax-delinquent properties and return them to productive use

Grants land redevelopment trusts the power to acquire properties through gifts, purchases, tax sale certificates, and foreclosure, but explicitly prohibits the use of eminent domain

Allows up to 75% of real property taxes collected on properties conveyed or leased by a land redevelopment trust to be remitted back to the trust for up to five consecutive years, excluding school district levies

Creates an exclusive "land redevelopment trust tax sale" procedure allowing trusts to purchase tax sale certificates on identified abandoned, blighted, or dilapidated properties before other bidders by filing a verified statement and payment by May 15

Exempts land redevelopment trust income, operations, and real property holdings from state and local taxation, while requiring compliance with public meeting and records laws, annual reporting, and periodic audits by the state auditor