Project area: means the geographic area described in a project area plan within which the project area development described in the project area plan takes place or is proposed to take place. See Utah Code 17C-1-102
Project area budget: means a multiyear projection of annual or cumulative revenues and expenses and other fiscal matters pertaining to a project area prepared in accordance with:
(a)
for an urban renewal project area, Section 17C-2-201;
(b)
for an economic development project area, Section 17C-3-201;
(c)
for a community development project area, Section 17C-4-204; or
Project area plan: means an urban renewal project area plan, an economic development project area plan, a community development project area plan, or a community reinvestment project area plan that, after the project area plan's effective date, guides and controls the project area development. See Utah Code 17C-1-102
Tax increment: means the difference between:
(i)
the amount of property tax revenue generated each tax year by a taxing entity from the area within a project area designated in the project area plan as the area from which tax increment is to be collected, using the current assessed value of the property and each taxing entity's current certified tax rate as defined in Section 59-2-924; and
(ii)
the amount of property tax revenue that would be generated from that same area using the base taxable value of the property and each taxing entity's current certified tax rate as defined in Section 59-2-924. See Utah Code 17C-1-102
Taxing entity: means a public entity that:
(a)
levies a tax on property located within a project area; or
Taxing entity committee: means a committee representing the interests of taxing entities, created in accordance with Section 17C-1-402. See Utah Code 17C-1-102
(2)
A board may provide in the project area budget for the agency to be paid:
(a)
if 20% of the project area budget is allocated for housing under Section 17C-2-203:
(i)
100% of annual tax increment for 15 years;
(ii)
75% of annual tax increment for 24 years; or
(iii)
if approved by the taxing entity committee, any percentage of tax increment up to 100%, or any specified dollar amount, for any period of time; or
(b)
if 20% of the project area budget is not allocated for housing under Section 17C-2-203:
(i)
100% of annual tax increment for 12 years;
(ii)
75% of annual tax increment for 20 years; or
(iii)
if approved by the taxing entity committee, any percentage of tax increment up to 100%, or any specified dollar amount, for any period of time.
