15.293B  APPROVAL -- REQUIREMENTS -- REPAYMENT.
 1.  An investor seeking to claim a tax credit pursuant to section
 15.293A shall apply to the council which shall have the power to
 approve the amount of tax credit available for each qualifying
 redevelopment project.
 2.  An investor applying for a tax credit shall provide the
 council with all of the following:
 a.  Information showing the total costs of the qualifying
 redevelopment project, including the costs of land acquisition,
 cleanup, and redevelopment.
 b.  Information about the financing sources of the investment
 which are directly related to the qualifying redevelopment project
 for which the taxpayer is seeking approval for a tax credit, as
 provided in section 15.293A.
 3.  If a taxpayer receives a tax credit pursuant to section
 15.293A, but fails to comply with any of the requirements, the
 taxpayer loses any right to the tax credit, and the department of
 revenue shall seek recovery of the value of the credit received.
         Section History: Recent Form

 2008 Acts, ch 1173, §3
 Referred to in § 15.294