HCS/SB 992 - This act authorizes Buchanan County to apply for a grant from the Contiguous Property Redevelopment Fund administered by the Department of Economic Development.

This act authorizes any town, city or village in this state to establish an "historic preservation revolving fund". Moneys in the fund shall be used to protect and preserve historic properties. Historic properties eligible for the such protection and preservation must be eligible for nomination to the National Register of Historic Places.

Municipalities may use money from the fund to acquire interests in historic properties. The interest acquired must be reasonably necessary for the continued protection and preservation of the property. Historic property cannot be acquired by condemnation under this act. Municipalities may dispose of interests in the property to any person or organization, including the former owners. Any conveyance must include provisions requiring the property to revert back to the municipality if the property is not operated, maintained, restored or repaired in accordance with this act. Any conveyance must also contain provisions to limit the property's future use to ensure its preservation.
JIM ERTLE