17C-1-410. Agency may make payments to other taxing entities.
(1)
Subject to Subsection (3), an agency may grant agency funds to a taxing entity to offset some or all of the tax revenue that the taxing entity did not receive because of tax increment paid to the agency.
Terms Used In Utah Code 17C-1-410
Agency funds: means money that an agency collects or receives for agency operations, implementing a project area plan or an implementation plan as defined in Section 17C-1-1001, or other agency purposes, including:
(a)
project area funds;
(b)
income, proceeds, revenue, or property derived from or held in connection with the agency's undertaking and implementation of project area development or agency-wide project development as defined in Section 17C-1-1001;
(c)
a contribution, loan, grant, or other financial assistance from any public or private source;
(d)
project area incremental revenue as defined in Section 17C-1-1001; or
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
State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
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
Taxing entity: means a public entity that:
(a)
levies a tax on property located within a project area; or
Subject to Subsection (3), an agency may use agency funds to pay to a school district an amount of money that the agency determines to be appropriate to alleviate a financial burden or detriment borne by the school district because of the project area development.
(b)
Each agency that agrees to pay money to a school district under Subsection (2)(a) shall provide a copy of the agreement to the StateBoard of Education.
(3)
(a)
If an agency intends to pay agency funds to one or more taxing entities under Subsection (1) or (2) but does not intend to pay funds to all taxing entities in proportionally equal amounts, the agency shall provide written notice to each taxing entity of the agency’s intent.
(b)
(i)
A taxing entity that receives notice under Subsection (3)(a) may elect not to have the taxing entity’s tax increment collected and used to pay funds to other taxing entities under this section.
(ii)
Each election under Subsection (3)(b)(i) shall be:
(A)
in writing; and
(B)
delivered to the agency within 30 days after the taxing entity’s receipt of the notice under Subsection (3)(a).
(c)
If a taxing entity makes an election under Subsection (3)(b), the portion of the taxing entity’s tax increment that would have been used by the agency to pay funds under this section to one or more other taxing entities may not be collected by the agency.
