Inactive airport site: includes a perimeter of up to 2,500 feet around the land described in Subsection (30)(a). See Utah Code 17C-1-102
Inactive industrial site: includes a perimeter of up to 1,500 feet around the land described in Subsection (31)(a). See Utah Code 17C-1-102
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
Urban renewal project area plan: means a project area plan adopted under 1. See Utah Code 17C-1-102
(2)
Subject to the approval of the taxing entity committee, a board may provide in the urban renewal or economic development project area budget for the agency to be paid:
(a)
for an urban renewal project area plan that proposes development of an inactive industrial site or inactive airport site, at least 60% of tax increment for at least 20 years; or
(b)
for each other project, any percentage of tax increment up to 100% or any specified dollar amount of tax increment for any period of time.
(3)
A resolution or interlocal agreement relating to an agency’s use of tax increment for a community development project area plan may provide for the agency to be paid any percentage of tax increment up to 100% or any specified dollar amount of tax increment for any period of time.
