63H-1-405.  Project area budget.

(1)  Before the authority may receive or use the property tax allocation, the authority board shall prepare and adopt a project area budget.

Terms Used In Utah Code 63H-1-405

  • Authority: means the Military Installation Development Authority, created under Section 63H-1-201. See Utah Code 63H-1-102
  • Board: means the governing body of the authority created under Section 63H-1-301. See Utah Code 63H-1-102
  • Project area: means the land, including military land, whether consisting of a single contiguous area or multiple noncontiguous areas, described in a project area plan or draft project area plan, where the development project set forth in the project area plan or draft project area plan takes place or is proposed to take place. See Utah Code 63H-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 that includes:
(a) the base taxable value of property in the project area;
(b) the projected property tax allocation expected to be generated within the project area;
(c) the amount of the property tax allocation expected to be shared with other taxing entities;
(d) the amount of the property tax allocation expected to be used to implement the project area plan, including the estimated amount of the property tax allocation to be used for land acquisition, public improvements, infrastructure improvements, and loans, grants, or other incentives to private and public entities;
(e) the property tax allocation expected to be used to cover the cost of administering the project area plan;
(f) if the property tax allocation is to be collected at different times or from different portions of the project area, or both:
(i) 
(A) the tax identification numbers of the parcels from which the property tax allocation will be collected; or
(B) a legal description of the portion of the project area from which the property tax allocation will be collected; and
(ii) an estimate of when other portions of the project area will become subject to collection of the property tax allocation; and
(g) for property that the authority owns or leases and expects to sell or sublease, the expected total cost of the property to the authority and the expected selling price or lease payments. See Utah Code 63H-1-102
  • Property tax: includes a privilege tax imposed under Title 59, Chapter 4, Privilege Tax, except as described in Subsection (20)(b), and each levy on an ad valorem basis on tangible or intangible personal or real property. See Utah Code 63H-1-102
    • (2)  The authority board may amend an adopted project area budget as and when the authority board considers it appropriate.

    (3)  If the authority adopts a budget under 7, that also meets the requirements of this part, the authority need not separately adopt a budget under this part.

    Amended by Chapter 282, 2020 General Session

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