Utah Code 11-70-506. Project area budget
Current as of: 2024 | Check for updates
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(1) Before the fairpark district may use the enhanced property tax revenue from a project area, the board shall prepare and adopt a project area budget.
Terms Used In Utah Code 11-70-506
- Base taxable value: means the taxable value of land within the fairpark district boundary as of January 1, 2024, as determined under Subsection
11-70-206 (9). See Utah Code 11-70-101 - Board: means the fairpark district's governing body, created in Section
11-70-301 . See Utah Code 11-70-101 - Fairpark district: means the Utah Fairpark Area Investment and Restoration District, created in Section
11-70-201 . See Utah Code 11-70-101 - Land: includes :(18)(a) land;(18)(b) a tenement;(18)(c) a hereditament;(18)(d) a water right;(18)(e) a possessory right; and(18)(f) a claim. See Utah Code 68-3-12.5
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Project area: means land described in a project area plan or draft project area plan, where the development project set forth in the project area plan or draft project area plan takes place or is proposed to take place. See Utah Code 11-70-101
- Project area budget: means a multiyear projection of annual or cumulative revenues and expenses and other fiscal matters pertaining to the project area. See Utah Code 11-70-101
- Project area plan: means a written plan that, after its effective date, guides and controls the development within a project area. See Utah Code 11-70-101
- Property: includes both real and personal property. See Utah Code 68-3-12.5
- Property tax: includes each levy on an ad valorem basis on tangible or intangible personal or real property. See Utah Code 11-70-101
- Public infrastructure and improvements: includes :
(29)(b)(i) facilities, lines, or systems that provide:(29)(b)(i)(A) water, chilled water, or steam; or(29)(b)(i)(B) sewer, storm drainage, natural gas, electricity, energy storage, renewable energy, microgrids, or telecommunications service;(29)(b)(ii) streets, roads, curbs, gutters, sidewalks, walkways, solid waste facilities, parking facilities, rail lines, intermodal facilities, multimodal facilities, and public transportation facilities;(29)(b)(iii) a qualified stadium;(29)(b)(iv) public trails and pathways associated with and rehabilitation of and improvements to the Jordan River; and(29)(b)(v) agricultural and related exhibit facilities on fair park land. See Utah Code 11-70-101(2) A project area budget shall include:(2)(a) the base taxable value of property in the project area;(2)(b) the projected enhanced property tax revenue expected to be generated within the project area;(2)(c) the amount of the enhanced property tax revenue expected to be used to implement the project area plan, including the estimated amount of the enhanced property tax revenue to be used for:(2)(c)(i) land acquisition;(2)(c)(ii) public infrastructure and improvements; and(2)(c)(iii) loans, grants, or other incentives to private and public entities;(2)(d) the enhanced property tax revenue expected to be used to cover the cost of administering the project area plan;(2)(e) the amount of enhanced property tax revenue expected to be shared with other taxing entities; and(2)(f) for property that the fairpark district owns or leases and expects to sell or sublease, the expected total cost of the property to the fairpark district and the expected selling price or lease payments.(3) The board may amend an adopted project area budget as and when the board considers it appropriate.