17C-4-109. Expedited community development project area plan — Notice.
(1)
As used in this section, “tax increment incentive” means the portion of tax increment awarded to an industry or business.
Terms Used In Utah Code 17C-4-109
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.
Community 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 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
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
A community development project area plan may be adopted or amended without complying with the notice and public hearing requirements of this part and 8, if the following requirements are met:
(a)
the agency determines by resolution adopted in an open and public meeting the need to create or amend a project area plan on an expedited basis, which resolution shall include a description of why expedited action is needed;
(b)
a public hearing on the amendment or adoption of the project area plan is held by the agency;
(c)
notice of the public hearing is published at least 14 days before the day of the public hearing for the community that created the agency, as a class A notice under Section 63G-30-102, for at least 14 days;
(d)
written consent to the amendment or adoption of the project area plan is given by all record property owners within the existing or proposed project area;
the primary market for the goods or services that will be created by the industry or business entity that will receive a tax increment incentive from the amendment or adoption of the project area plan is outside of the state;
(g)
the industry or business entity that will receive a tax increment incentive from the amendment or adoption of the project area plan is not primarily engaged in retail trade; and
(h)
a tax increment incentive is only provided to an industry or business entity:
(i)
on a postperformance basis as described in Subsection (3); and
(ii)
on an annual basis after the tax increment is received by the agency.
(3)
An industry or business entity may only receive a tax increment incentive under this section after entering into an agreement with the agency that sets postperformance targets that shall be met before the industry or business entity may receive the tax increment incentive, including annual targets for:
(a)
capital investment in the project area;
(b)
the increase in the taxable value of the project area;
(c)
the number of new jobs created in the project area;
(d)
the average wages of the jobs created, which shall be at least 110% of the prevailing wage of the county where the project area is located; and
(e)
the amount of local vendor opportunity generated by the industry or business entity.
