Utah Code 17C-2-202. Combined incremental value — Restriction against adopting an urban renewal project area budget — Taxing entity committee may waive restriction

17C-2-202. Combined incremental value — Restriction against adopting an urban renewal project area budget — Taxing entity committee may waive restriction.

(1)

Except as provided in Subsection (2), an agency may not adopt an urban renewal project area budget if, at the time the urban renewal project area budget is being considered, the combined incremental value for the agency exceeds 10% of the total taxable value of property within the agency’s boundaries in the year that the urban renewal project area budget is being considered.

Terms Used In Utah Code 17C-2-202

Combined incremental value: means the combined total of all incremental values from all project areas, except project areas that contain some or all of a military installation or inactive industrial site, within the agency's boundaries under project area plans and project area budgets at the time that a project area budget for a new project area is being considered. 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
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 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

(d)

for a community reinvestment project area, Section 17C-5-302. See Utah Code 17C-1-102

Property: includes both real and personal property. See Utah Code 68-3-12.5

Taxable value: means :

(a)	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

(b)

imposes a sales and use tax under Title 59, Chapter 12, Sales and Use Tax Act. See Utah Code 17C-1-102

Taxing entity committee: means a committee representing the interests of taxing entities, created in accordance with Section 17C-1-402. See Utah Code 17C-1-102

(2)

(a)	A taxing entity committee may waive the restrictions imposed by Subsection (1).

(b)	Subsection (1) does not apply to an urban renewal project area budget if the agency’s development impediment determination in the project area to which the budget relates is based on a determination under Subsection 17C-2-303(1)(b).

Amended by Chapter 376, 2019 General Session

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