Budget hearing: means the public hearing on a proposed project area budget required under Subsection 17C-2-201(2)(d) for an urban renewal project area budget, Subsection 17C-3-201(2)(d) for an economic development project area budget, or Subsection 17C-5-302(2)(e) for a community reinvestment project area budget. 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
Economic development project area plan: means a project area plan adopted under 1. 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
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
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
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
(a)
If an agency anticipates funding all or a portion of a post-June 30, 1993 economic development project area plan with tax increment, the agency shall, subject to Section 17C-3-202, adopt a project area budget as provided in this part.
(b)
An economic development project area budget adopted on or after March 30, 2009 shall specify:
(i)
for a project area budget adopted on or after March 30, 2009:
(A)
the project area funds collection period; and
(B)
the percentage of tax increment the agency is authorized to receive from the project area under the project area budget; and
(ii)
for a project area budget adopted on or after March 30, 2013, unless approval is obtained under Subsection 17C-1-402(4)(b)(vi)(C), the maximum cumulative dollar amount of tax increment that the agency may receive from the project area under the project area budget.
(2)
To adopt an economic development project area budget, the agency shall:
(a)
prepare a proposed economic development project area budget;
(b)
make a copy of the proposed project area budget available to the public at the agency’s offices during normal business hours;
(c)
provide notice of the budget hearing as required by 8;
(d)
hold a public hearing on the proposed project area budget and, at that public hearing, allow public comment on:
(i)
the proposed project area budget; and
(ii)
whether the proposed project area budget should be revised, adopted, or rejected;
(e)
(i)
if required under Subsection 17C-3-203(1), obtain the approval of the taxing entity committee on the proposed project area budget or a revised version of the proposed project area budget; or
(ii)
if applicable, comply with the requirements of Subsection 17C-3-203(2);
(f)
if approval of the taxing entity committee is required under Subsection (2)(e)(i), 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
(g)
after the budget hearing, hold a board meeting in the same meeting as the public hearing or in a subsequent meeting to:
(i)
consider comments made and information presented at the public hearing relating to the proposed project area budget; and
(ii)
adopt by resolution the proposed project area budget, with any revisions, as the project area budget.
(3)
(a)
For a period of 30 days after the agency’s adoption of the project area budget under Subsection (2)(g), any person may contest the project area budget or the procedure used to adopt the project area budget if the budget or procedure fails to comply with applicable statutory requirements.
(b)
After the 30-day period under Subsection (3)(a) expires, a person may not contest:
(i)
the project area budget or procedure used by either the taxing entity committee or the agency to approve and adopt the project area budget;
(ii)
a distribution of tax increment to the agency under the project area budget; or
(iii)
the agency’s use of tax increment under the project area budget.
