(1)

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Terms Used In Utah Code 11-70-207

  • Board: means the fairpark district's governing body, created in Section 11-70-301. See Utah Code 11-70-101
  • Development: means :
         (5)(a) the demolition, construction, reconstruction, modification, expansion, or improvement of a building, utility, infrastructure, landscape, parking lot, park, trail, recreational amenity, or other facility, including public infrastructure and improvements; and
         (5)(b) the planning of, arranging for, or participation in any of the activities listed in Subsection (5)(a). 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
  • Fairpark district boundary: means a line or set of lines that:
         (12)(a) defines the geographic boundary of the fairpark district, consisting of the interior space within each polygon described by the line or set of lines; and
         (12)(b) is delineated in the electronic shapefile that is the electronic component of H. See Utah Code 11-70-101
  • Fairpark district funds: means money the fairpark district receives from any source, including money the fairpark district receives under:
         (13)(a) Sections 10-1-304 and 11-70-205;
         (13)(b) Section 10-1-403;
         (13)(c) Section 11-70-203;
         (13)(d) Section 11-70-204;
         (13)(e) Sections 59-12-352 and 59-12-354;
         (13)(f) Section 59-12-401;
         (13)(g) Section 59-12-402; and
         (13)(h) Section 59-12-1201. 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
  • 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
  • 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
  • Qualified stadium: includes parking structures or facilities, lighting facilities, plazas, and open space associated with a stadium described in Subsection (31)(a). See Utah Code 11-70-101
  • Taxing entity: means the same as that term is defined in Section 59-2-102, excluding a public infrastructure district that the fairpark district creates under Title 17D, Chapter 4, Public Infrastructure District Act. See Utah Code 11-70-101
     (1)(a) Subject to Subsection (2), the fairpark district may use fairpark district funds for any purpose authorized under this chapter, including to pay for:

          (1)(a)(i) the development and construction of a qualified stadium;
          (1)(a)(ii) administrative, overhead, legal, consulting, and other operating expenses of the fairpark district;
          (1)(a)(iii) all or part of the development of land within a project area, including:

               (1)(a)(iii)(A) financing or refinancing; and
               (1)(a)(iii)(B) assisting the ongoing operation of a development or facility within the project area;
          (1)(a)(iv) the cost of the installation of public infrastructure and improvements outside a project area if the board determines by resolution that the infrastructure and improvements are of benefit to the project area;
          (1)(a)(v) the principal and interest on bonds issued by the fairpark district;
          (1)(a)(vi) the payment of an infrastructure loan, as defined in Section 11-70-104, according to the terms of the infrastructure loan; and
          (1)(a)(vii) the costs of promoting, facilitating, and implementing other development of land within the fairpark district boundary.
     (1)(b) The determination of the board under Subsection (1)(a)(iv) regarding benefit to the project area is final.
(2)

     (2)(a) The fairpark district may use money it receives under Subsection 59-12-1201(2)(a)(ii) and Subsection 59-12-103(16) only for the development and construction of a qualified stadium, including paying for bonds issued to pay for the development and construction of a qualified stadium.
     (2)(b) If the amount of money the fairpark district receives under Subsection (2)(a) exceeds the amount required to pay the annual debt service on bonds issued to pay for the development and construction of a qualified stadium, the fairpark district shall use the excess amount received to pay down the principal on those bonds.
(3) The fairpark district may share enhanced property tax revenue with a taxing entity that levies a property tax on land within the project area from which the enhanced property tax revenue is generated.

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