Community reinvestment project area plan: means a project area plan adopted under 1. See Utah Code 17C-1-102
Development impediment: means a condition of an area that meets the requirements described in Section 17C-2-303 for an urban renewal project area or Section 17C-5-405 for a community reinvestment project area. See Utah Code 17C-1-102
Participant: means one or more persons that enter into a participation agreement with an agency. See Utah Code 17C-1-102
Participation agreement: means a written agreement between a person and an agency that:
(a)
includes a description of:
(i)
the project area development that the person will undertake;
(ii)
the amount of project area funds the person may receive; and
(iii)
the terms and conditions under which the person may receive project area funds; and
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 budget: means a multiyear projection of annual or cumulative revenues and expenses and other fiscal matters pertaining to a project area prepared in accordance with:
(a)
for an urban renewal project area, Section 17C-2-201;
(b)
for an economic development project area, Section 17C-3-201;
(c)
for a community development project area, Section 17C-4-204; or
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 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 the provisions of this part, an agency may, in accordance with 5, use eminent domain to acquire an interest in property:
(a)
within an urban renewal project area if:
(i)
the board makes a development impediment determination under 3; and
(ii)
the urban renewal project area plan provides for the use of eminent domain;
(b)
that is owned by an agency board member or officer and located within a project area, if the board member or officer consents;
(c)
within a community reinvestment project area if:
(i)
the board makes a development impediment determination under 4;
(ii)
(A)
the original community reinvestment project area plan provides for the use of eminent domain; or
(B)
the community reinvestment project area plan is amended in accordance with Subsection 17C-5-112(4); and
(iii)
the agency creates a taxing entity committee in accordance with Section 17C-1-402;
(d)
that:
(i)
is owned by a participant or a property owner that is entitled to receive tax increment or other assistance from the agency;
(ii)
is within a project area, regardless of when the project area is created, for which the board made a development impediment determination under 3, or 4; and
(iii)
(A)
the participant or property owner described in Subsection (2)(d)(i) fails to develop or improve in accordance with the participation agreement or the project area plan; or
(B)
for a period of 36 months does not generate the amount of tax increment that the agency projected to receive under the project area budget; or
(e)
if a property owner requests in writing that the agency exercise eminent domain to acquire the property owner’s property within a project area.
(3)
An agency shall, in accordance with the provisions of this part, commence the acquisition of property described in Subsections (2)(a) through (c) by adopting a resolution authorizing eminent domain within five years after the day on which the project area plan is effective.
