Income targeted housing: means housing that is owned or occupied by a family whose annual income is at or below 80% of the median annual income for a family within the county in which the housing 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
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
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)
For a community reinvestment project area that is subject to a taxing entity committee, an agency shall allocate at least 20% of the agency’s annual tax increment for housing in accordance with Section 17C-1-412 if the community reinvestment project area budget provides for more than $100,000 of annual tax increment to be distributed to the agency.
(b)
The taxing entity committee may waive a portion of the allocation described in Subsection (2)(a) if:
(i)
the taxing entity committee determines that 20% of the agency’s annual tax increment is more than is needed to address the community’s need for income targeted housing or homeless assistance; and
(ii)
after the waiver, the agency’s housing allocation is equal to at least 10% of the agency’s annual tax increment.
(3)
For a community reinvestment project area that is subject to an interlocal agreement, an agency shall allocate at least 10% of the project area funds for housing in accordance with Section 17C-1-412 if the community reinvestment project area budget provides for more than $100,000 of annual project area funds to be distributed to the agency.
(4)
An agency is not required to allocate the agency’s community reinvestment project area funds for housing under this section if:
(a)
the agency and the county mutually agree in the interlocal agreement described in Subsection (3) that the agency will not make the allocation; and
(b)
the community reinvestment project area plan:
(i)
provides solely for nonresidential project area development; and
(ii)
provides for 60% of the jobs created within the project area to have an annual gross wage, not including healthcare or other paid or unpaid benefits, that is at least 125% of the average wage of the county in which the project area is located.
