17C-5-306. Amending a community reinvestment project area budget.
(1)
Except as provided in Section 17C-1-1002 and before a project area funds collection period ends, an agency may amend a community reinvestment project area budget in accordance with this section.
Terms Used In Utah Code 17C-5-306
Active project area: means a project area that has not been dissolved in accordance with Section 17C-1-702. See Utah Code 17C-1-102
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
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 development: means activity within a project area that, as determined by the board, encourages, promotes, or provides development or redevelopment for the purpose of implementing a project area plan, including:
(a)
promoting, creating, or retaining public or private jobs within the state or a community;
(b)
providing office, manufacturing, warehousing, distribution, parking, or other facilities or improvements;
(c)
planning, designing, demolishing, clearing, constructing, rehabilitating, or remediating environmental issues;
(d)
providing residential, commercial, industrial, public, or other structures or spaces, including recreational and other facilities incidental or appurtenant to the structures or spaces;
(e)
altering, improving, modernizing, demolishing, reconstructing, or rehabilitating existing structures;
(f)
providing open space, including streets or other public grounds or space around buildings;
(g)
providing public or private buildings, infrastructure, structures, or improvements;
(h)
relocating a business;
(i)
improving public or private recreation areas or other public grounds;
(j)
eliminating a development impediment or the causes of a development impediment;
(k)
redevelopment as defined under the law in effect before May 1, 2006; or
(l)
any activity described in this Subsection (48) outside of a project area that the board determines to be a benefit to the project area. See Utah Code 17C-1-102
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
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 a community reinvestment project area budget, an agency shall:
(a)
provide notice and hold a public hearing on the proposed amendment in accordance with 8;
(b)
(i)
if the community reinvestment project area budget required approval from a taxing entity committee, obtain the taxing entity committee‘s approval; or
(ii)
if the community reinvestment project area budget required an interlocal agreement with a taxing entity, obtain approval from the taxing entity that is a party to the interlocal agreement; and
(c)
at the public hearing described in Subsection (2)(a) or at a subsequent board meeting, by resolution, adopt the community reinvestment project area budget amendment.
(3)
If an agency proposes a community reinvestment project area budget amendment under which the agency is paid a greater proportion of tax increment from the community reinvestment project area than provided under the community reinvestment project area budget, the notice described in Subsection (2)(a) shall state:
(a)
the percentage of tax increment paid under the community reinvestment project area budget; and
(b)
the proposed percentage of tax increment paid under the community reinvestment project area budget amendment.
(4)
(a)
If an agency proposes a community reinvestment project area budget amendment that extends a project area funds collection period, before a taxing entity committee or taxing entity may provide the taxing entity committee’s or taxing entity’s approval described in Subsection (2)(b), the agency shall provide to the taxing entity committee or taxing entity:
(i)
the reasons why the extension is required;
(ii)
a description of the project area development for which project area funds received by the agency under the extension will be used;
(iii)
a statement of whether the project area funds received by the agency under the extension will be used within an active project area or a proposed project area; and
(iv)
a revised community reinvestment project area budget that includes:
(A)
the annual and total amounts of project area funds that the agency receives under the extension; and
(B)
the number of years that are added to each project area funds collection period under the extension.
(b)
With respect to an amendment described in Subsection (4)(a), a taxing entity committee or taxing entity may consent to:
(i)
allow an agency to use project area funds received under an extension within a different project area from which the project area funds are generated; or
(ii)
alter the base taxable value in connection with a community reinvestment project area budget extension.
(5)
If an agency proposes a community reinvestment project area budget amendment that reduces the base taxable value of the project area due to the removal of a parcel under Subsection 17C-5-112(5)(b), an agency may amend a project area budget without:
(a)
complying with Subsection (2)(a); and
(b)
obtaining taxing entity committee or taxing entity approval described in Subsection (2)(b).
(6)
(a)
A person may contest an agency’s adoption of a community reinvestment project area budget amendment within 30 days after the day on which the agency adopts the community reinvestment project area budget amendment.
(b)
After the 30-day period described in Subsection (6)(a), a person may not contest:
(i)
the agency’s adoption of the community reinvestment project area budget amendment;
(ii)
a payment to the agency under the community reinvestment project area budget amendment; or
(iii)
the agency’s use of project area funds received under the community reinvestment project area budget amendment.
