Affordable housing: means housing owned or occupied by a low or moderate income family, as determined by resolution of the agency. See Utah Code 17C-1-102
Agency-wide project development: means activity within the agency's boundaries that, as determined by the board, encourages, promotes, or provides development or redevelopment for the purpose of achieving the results described in an implementation plan, including affordable housing. See Utah Code 17C-1-1001
Incremental value: means a figure derived by multiplying the marginal value of the property located within a project area on which tax increment is collected by a number that represents the adjusted tax increment from that project area that is paid to the agency. 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 development: means activity within a project area that, as determined by the board, encourages, promotes, or provides development or redevelopment for the purpose of implementing a project area plan, including:
(a)
promoting, creating, or retaining public or private jobs within the state or a community;
(b)
providing office, manufacturing, warehousing, distribution, parking, or other facilities or improvements;
(c)
planning, designing, demolishing, clearing, constructing, rehabilitating, or remediating environmental issues;
(d)
providing residential, commercial, industrial, public, or other structures or spaces, including recreational and other facilities incidental or appurtenant to the structures or spaces;
(e)
altering, improving, modernizing, demolishing, reconstructing, or rehabilitating existing structures;
(f)
providing open space, including streets or other public grounds or space around buildings;
(g)
providing public or private buildings, infrastructure, structures, or improvements;
(h)
relocating a business;
(i)
improving public or private recreation areas or other public grounds;
(j)
eliminating a development impediment or the causes of a development impediment;
(k)
redevelopment as defined under the law in effect before May 1, 2006; or
(l)
any activity described in this Subsection (48) outside of a project area that the board determines to be a benefit to the project area. See Utah Code 17C-1-102
Project area funds: means tax increment or sales and use tax revenue that an agency receives under a project area budget adopted by a taxing entity committee or an interlocal agreement. See Utah Code 17C-1-102
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
the taxable value of all real property a county assessor assesses in accordance with 3, for the current year;
(b)
the taxable value of all real and personal property the commission assesses in accordance with 2, for the current year; and
(c)
the year end taxable value of all personal property a county assessor assesses in accordance with 3, contained on the prior year's tax rolls of the taxing entity. 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
“Agency-wide project development” means activity within the agency’s boundaries that, as determined by the board, encourages, promotes, or provides development or redevelopment for the purpose of achieving the results described in an implementation plan, including affordable housing.
(b)
“Agency-wide project development” does not include project area development under a project area plan.
(2)
“Certified tax rate” means the same as that term is defined in Section 59-2-924.
(3)
“Cooperative development project” means project area development with impacts that extend beyond an agency’s geographic boundaries to the benefit of two or more communities.
(4)
“Economic development project” means project area development for the purpose of:
(a)
creating, developing, attracting, and retaining business;
“Eligible taxing entity” means a taxing entity that:
(a)
is a municipality, a county, or a school district; and
(b)
contains an agency partially or completely within the taxing entity’s geographic boundaries.
(6)
“Implementation plan” means a plan adopted in accordance with Section 17C-1-1004 that:
(a)
describes how the agency uses property tax revenue; and
(b)
guides and controls agency-wide project development.
(7)
“Project area incremental revenue” means the amount of revenue generated by the incremental value that a taxing entity receives after a project area funds collection period ends.
(8)
“Property tax revenue” means the amount of revenue generated by an agency from the property within the agency using the current taxable value of the property and the agency’s certified tax rate.
