Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
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 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
(a)
“New agency” means the agency created by the new community.
(b)
“New community” means the community in which the relocated project area is located after the change in community boundaries takes place.
(c)
“Original agency” means the agency created by the original community.
(d)
“Original community” means the community that adopted the project area plan that created the project area that has been relocated.
(e)
“Relocated” means that a project area under a project area plan adopted by the original community has ceased to be located within that community and has become part of a new community because of a change in community boundaries through:
(i)
a county or municipal annexation;
(ii)
the creation of a new county;
(iii)
a municipal incorporation, consolidation, dissolution, or boundary adjustment; or
(iv)
any other action resulting in a change in community boundaries.
(2)
A relocated project area shall, for purposes of this title, be considered to remain in the original community until the original agency and the new agency enter into an interlocal agreement, adopted by resolution of the original agency’s and the new agency’s board, that authorizes the original agency to transfer or assign to the new agency the original agency’s real property, rights, indebtedness, obligations, tax increment, or other assets and liabilities resulting from the relocated project area.
