Authority jurisdictional land: means land within the authority boundary delineated:
(a)
in the electronic shapefile that is the electronic component of H. See Utah Code 11-58-102
Base taxable value: means :
(a)
(i)
except as provided in Subsection (3)(a)(ii), for a project area that consists of the authority jurisdictional land, the taxable value of authority jurisdictional land in calendar year 2018; and
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 :
(a)
the authority jurisdictional land, subject to Section 11-58-605; or
(b)
land outside the authority jurisdictional land, whether consisting of a single contiguous area or multiple noncontiguous areas, 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 11-58-102
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 11-58-102
Project area plan: means a written plan that, after its effective date, guides and controls the development within a project area. See Utah Code 11-58-102
Property tax: includes a privilege tax and each levy on an ad valorem basis on tangible or intangible personal or real property. See Utah Code 11-58-102
Remediation: includes :
(a)
activities for the cleanup, rehabilitation, and development of contaminated land; and
(b)
acquiring an interest in land within a remediation project area. See Utah Code 11-58-102
(2)
A project area budget shall include:
(a)
the base taxable value of property in the project area;
(b)
the projected property tax differential expected to be generated within the project area;
(c)
the amount of the property tax differential expected to be used to implement the project area plan, including the estimated amount of the property tax differential to be used for:
(i)
land acquisition;
(ii)
public infrastructure and improvements;
(iii)
a remediation project, if applicable; and
(iv)
loans, grants, or other incentives to private and public entities;
(d)
the property tax differential expected to be used to cover the cost of administering the project area plan;
(e)
the amount of property tax differential expected to be shared with other taxing entities; and
(f)
for property that the authority owns or leases and expects to sell or sublease, the expected total cost of the property to the authority 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.
(4)
For a project area that consists of the authority jurisdictional land, the budget requirements of this part are met by the authority complying with the budget requirements of 8.
