17C-2-206. Amending an urban renewal project area budget.
(1)
Except as provided in Section 17C-1-1002, an agency may by resolution amend an urban renewal project area budget as provided in this section.
Terms Used In Utah Code 17C-2-206
Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
Base taxable value: means , unless otherwise adjusted in accordance with provisions of this title, a property's taxable value as shown upon the assessment roll last equalized during the base year. See Utah Code 17C-1-102
Contest: means to file a written complaint in the district court of the county in which the agency is located. 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
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
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
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)
To amend an adopted urban renewal project area budget, the agency shall:
(a)
advertise and hold one public hearing on the proposed amendment as provided in Subsection (3);
(b)
if approval of the taxing entity committee was required for adoption of the original project area budget, obtain the approval of the taxing entity committee to the same extent that the agency was required to obtain the consent of the taxing entity committee for the project area budget as originally adopted;
(c)
if approval of the taxing entity committee is required under Subsection (2)(b), obtain a written certification, signed by an attorney licensed to practice law in this state, stating that the taxing entity committee followed the appropriate procedures to approve the project area budget; and
(d)
adopt a resolution amending the project area budget.
(3)
The public hearing required under Subsection (2)(a) shall be conducted according to the procedures and requirements of Subsections 17C-2-201(2)(c) and (d), except that if the amended project area budget proposes that the agency be paid a greater proportion of tax increment from a project area than was to be paid under the previous project area budget, the notice shall state the percentage paid under the previous project area budget and the percentage proposed under the amended project area budget.
(4)
If the removal of a parcel under Subsection 17C-2-110(4)(a)(ii) reduces the base taxable value of the project area, an agency may amend the project area budget to conform with the new base taxable value without:
(a)
complying with Subsections (2)(a) and (3); and
(b)
if applicable, obtaining taxing entity committee approval described in Subsection (2)(b).
(5)
If a proposed amendment is not adopted, the agency shall continue to operate under the previously adopted project area budget without the proposed amendment.
(6)
(a)
A person may contest the agency’s adoption of a budget amendment within 30 days after the day on which the agency adopts the amendment.
(b)
A person who fails to contest a budget amendment under Subsection (6)(a):
(i)
forfeits any claim against an agency’s adoption of the amendment; and
(ii)
may not contest:
(A)
a distribution of tax increment to the agency under the budget amendment; or
(B)
an agency’s use of a tax increment under the budget amendment.
