1.
a.Any municipality acquiring, purchasing, constructing, reconstructing, improving,
or extending any industrial buildings, buildings used as headquarters facilities or pollution
control facilities, as provided in this chapter, shall annually pay out of the revenue from such
industrial buildings, buildings used as headquarters facilities or pollution control facilities to
thestateofIowaandtothecity, schooldistrict, andanyotherpoliticalsubdivision, authorized
to levy taxes, a sum equal to the amount of tax, determined by applying the tax rate of the
taxing district to the assessed value of the property, which the state, county, city, school
district, orotherpoliticalsubdivisionwouldreceiveifthepropertywereownedbyanyprivate
person or corporation, any other statute to the contrary notwithst
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1. a. Any municipality acquiring, purchasing, constructing, reconstructing, improving,
or extending any industrial buildings, buildings used as headquarters facilities or pollution
control facilities, as provided in this chapter, shall annually pay out of the revenue from such
industrial buildings, buildings used as headquarters facilities or pollution control facilities to
thestateofIowaandtothecity, schooldistrict, andanyotherpoliticalsubdivision, authorized
to levy taxes, a sum equal to the amount of tax, determined by applying the tax rate of the
taxing district to the assessed value of the property, which the state, county, city, school
district, orotherpoliticalsubdivisionwouldreceiveifthepropertywereownedbyanyprivate
person or corporation, any other statute to the contrary notwithstanding.
b. For purposes of arriving at such tax equivalent, the property shall be valued and
assessed by the assessor in whose jurisdiction the property is located, in accordance with
chapter 441, but the municipality, the lessee on behalf of the municipality, and such other
persons as are authorized by chapter 441 shall be entitled to protest any assessment and
take appeals in the same manner as any taxpayer. Such valuations shall be included in any
summation of valuations in the taxing district for all purposes known to the law. Income
from this source shall be considered under the provisions of section 384.16, subsection 1,
paragraph “a”, subparagraph (2).
2. If and to the extent the proceedings under which the bonds authorized to be issued
under the provisions of this chapter so provide, the municipality may agree to cooperate
with the lessee of a project in connection with any administrative or judicial proceedings
for determining the validity or amount of any such payments and may agree to appoint or
designate and reserve the right in and for such lessee to take all action which the municipality
may lawfully take in respect of such payments and all matters relating thereto, provided,
however,thatsuchlesseeshallbearandpayallcostsandexpensesofthemunicipalitythereby
incurred at the request of such lessee or by reason of any such action taken by such lessee
in behalf of the municipality. Any lessee of a project which has paid, as rentals additional to
those required to be paid pursuant to section 419.5, the amounts required by subsection 1,
paragraph “a”, to be paid by the municipality shall not be required to pay any such taxes to
the state or to any such county, city, school district or other political subdivision, any other
statute to the contrary notwithstanding. To the extent that any lessee or contracting party
pays taxes on a project or part thereof, the municipality shall not be required to pay the tax
equivalent herein provided, and to such extent the lessee or contracting party shall not be
required to pay amounts to the municipality for such purpose.
3. This section shall not be applicable to any municipality acquiring, purchasing,
constructing, reconstructing, improving, or extending any buildings for the purpose of
establishing, maintaining, or assisting any private or state of Iowa college or university, nor
to any municipality in connection with any project for the benefit of a voluntary nonprofit
hospital, clinic, or health care facility, the property of which is otherwise exempt under the
provisions of chapter 427. The payment, collection, and apportionment of the tax equivalent
shall be subject to the provisions of chapters 445, 446 and 447.