17C-2-207. Extending collection of tax increment in an urban renewal project area budget.
(1)
An extension approved by a taxing entity or taxing entity committee before May 10, 2011, is not subject to this section.
Terms Used In Utah Code 17C-2-207
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
Inactive industrial site: includes a perimeter of up to 1,500 feet around the land described in Subsection (31)(a). See Utah Code 17C-1-102
Process: means a writ or summons issued in the course of a judicial proceeding. See Utah Code 68-3-12.5
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 funds: means tax increment or sales and use tax revenue that an agency receives under a project area budget adopted by a taxing entity committee or an interlocal agreement. See Utah Code 17C-1-102
Project area funds collection period: means the period of time that:
(a)
begins the day on which the first payment of project area funds is distributed to an agency under a project area budget approved by a taxing entity committee or an interlocal agreement; and
(b)
ends the day on which the last payment of project area funds is distributed to an agency under a project area budget approved by a taxing entity committee or an interlocal agreement. 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
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)
(a)
Except as provided in Section 17C-1-1002, an agency’s collection of tax increment under an urban renewal project area budget may be extended by:
(i)
following the project area budget amendment procedures outlined in Section 17C-2-206; or
(ii)
following the procedures outlined in this section.
(b)
The base taxable value for an urban renewal project area budget may not be altered as a result of an extension under this section unless otherwise expressly provided for in an interlocal agreement adopted in accordance with Subsection (3)(a).
(3)
Except as provided in Subsection (4), to extend under this section the project area funds collection period under a previously approved project area budget, the agency shall:
(a)
obtain the approval of the taxing entity through an interlocal agreement;
(b)
(i)
hold a public hearing on the proposed extension in accordance with Subsection 17C-2-201(2)(d) in the same manner as required for a proposed project area budget; and
(ii)
provide notice of the hearing:
(A)
as required by 8; and
(B)
including the proposed project area budget’s extension period; and
(c)
after obtaining the taxing entity’s approval in accordance with Subsection (3)(a), at or after the public hearing, adopt a resolution approving the extension.
(4)
(a)
Subject to Subsection (4)(b), to extend under this section the project area funds collection period under a previously approved project area budget for a project area that includes an inactive industrial site, the agency shall:
(i)
hold a public hearing on the proposed extension in accordance with Subsection 17C-2-201(2)(d) in the same manner as required for a proposed project area budget;
(ii)
provide notice of the hearing as required by 8, including notice of the proposed project area budget’s extension period; and
(iii)
at or after the public hearing, adopt a resolution approving the extension.
(b)
An extension under Subsection (4)(a) may not extend the length of time that tax increment is collected from any single tax parcel.
(5)
After the project area funds collection period expires, an agency may continue to receive project area funds from those taxing entities that agree to an extension through an interlocal agreement in accordance with Subsection (3)(a) or through the process described in Subsection (4).
(6)
(a)
A person may contest the agency’s adoption of an extension within 30 days after the day on which the agency adopts the resolution providing for the extension.
(b)
A person that fails to contest an extension under Subsection (6)(a):
(i)
shall forfeit any claim against the agency’s adoption of the extension; and
(ii)
may not contest:
(A)
a distribution of tax increment to the agency under the budget, as extended; or
(B)
an agency’s use of tax increment under the budget, as extended.
