(1) As used in this section:

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Terms Used In Utah Code 17C-1-603

  • 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
  • Base year: means , except as provided in Subsection 17C-1-402(4)(c), the year during which the assessment roll is last equalized:
         (9)(a) for a pre-July 1, 1993, urban renewal or economic development project area plan, before the project area plan's effective date;
         (9)(b) for a post-June 30, 1993, urban renewal or economic development project area plan, or a community reinvestment project area plan that is subject to a taxing entity committee:
              (9)(b)(i) before the date on which the taxing entity committee approves the project area budget; or
              (9)(b)(ii) if taxing entity committee approval is not required for the project area budget, before the date on which the community legislative body adopts the project area plan;
         (9)(c) for a project on an inactive airport site, after the later of:
              (9)(c)(i) the date on which the inactive airport site is sold for remediation and development; or
              (9)(c)(ii) the date on which the airport that operated on the inactive airport site ceased operations; or
         (9)(d) for a community development project area plan or a community reinvestment project area plan that is subject to an interlocal agreement, as described in the interlocal agreement. See Utah Code 17C-1-102
  • City: includes , depending on population, a metro township as defined in Section 10-3c-102. See Utah Code 68-3-12.5
  • Contract: A legal written agreement that becomes binding when signed.
  • Marginal value: means the difference between actual taxable value and base taxable value. 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:
         (47)(a) for an urban renewal project area, Section 17C-2-201;
         (47)(b) for an economic development project area, Section 17C-3-201;
         (47)(c) for a community development project area, Section 17C-4-204; or
         (47)(d) for a community reinvestment project area, Section 17C-5-302. See Utah Code 17C-1-102
  • 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:
         (48)(a) promoting, creating, or retaining public or private jobs within the state or a community;
         (48)(b) providing office, manufacturing, warehousing, distribution, parking, or other facilities or improvements;
         (48)(c) planning, designing, demolishing, clearing, constructing, rehabilitating, or remediating environmental issues;
         (48)(d) providing residential, commercial, industrial, public, or other structures or spaces, including recreational and other facilities incidental or appurtenant to the structures or spaces;
         (48)(e) altering, improving, modernizing, demolishing, reconstructing, or rehabilitating existing structures;
         (48)(f) providing open space, including streets or other public grounds or space around buildings;
         (48)(g) providing public or private buildings, infrastructure, structures, or improvements;
         (48)(h) relocating a business;
         (48)(i) improving public or private recreation areas or other public grounds;
         (48)(j) eliminating a development impediment or the causes of a development impediment;
         (48)(k) redevelopment as defined under the law in effect before May 1, 2006; or
         (48)(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:
         (50)(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
         (50)(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
  • 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:
              (61)(a)(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
              (61)(a)(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:
         (62)(a) levies a tax on property located within a project area; or
         (62)(b) imposes a sales and use tax under Title 59, Chapter 12, Sales and Use Tax Act. See Utah Code 17C-1-102
     (1)(a) “Database” means the collection of electronic data described in Subsection (2)(a).
     (1)(b) “Office” means the Governor’s Office of Economic Opportunity.
     (1)(c) “Office website” means a public website maintained by the office.
(2) The office shall:

     (2)(a) create and maintain electronic data to track information for each agency located within the state; and
     (2)(b) make the database publicly accessible from the office website.
(3)

     (3)(a) The office may:

          (3)(a)(i) contract with a third party to create and maintain the database; and
          (3)(a)(ii) charge a fee for a county, city, or agency to provide information to the database.
     (3)(b) The office shall make rules, in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, to establish a fee schedule for the fee described in Subsection (3)(a)(ii).
(4) On or before June 30 of each year, an agency shall, for each active project area for which the project area funds collection period has not expired, submit to the office for inclusion in the database the following information:

     (4)(a) an assessment of the change in marginal value, including:

          (4)(a)(i) the base year;
          (4)(a)(ii) the base taxable value;
          (4)(a)(iii) the prior year’s assessed value;
          (4)(a)(iv) the estimated current assessed value;
          (4)(a)(v) the percentage change in marginal value; and
          (4)(a)(vi) a narrative description of the relative growth in assessed value;
     (4)(b) the amount of project area funds the agency received and the amount of project area funds the agency spent for each year of the project area funds collection period, broken down by the applicable budget or funds analysis category described in Subsection (4)(d), including:

          (4)(b)(i) a comparison of the actual project area funds received and spent for each year to the amount of project area funds forecasted for each year when the project area was created, if available;
          (4)(b)(ii)

               (4)(b)(ii)(A) the agency’s historical receipts and expenditures of project area funds, including the tax year for which the agency first received project area funds from the project area; or
               (4)(b)(ii)(B) if the agency has not yet received project area funds from the project area, the year in which the agency expects each project area funds collection period to begin;
          (4)(b)(iii) a list of each taxing entity that levies or imposes a tax within the project area and a description of the benefits that each taxing entity receives from the project area; and
          (4)(b)(iv) the amount paid to other taxing entities under Section 17C-1-410, if applicable;
     (4)(c) a description of current and anticipated project area development, including:

          (4)(c)(i) a narrative of any significant project area development, including infrastructure development, site development, participation agreements, or vertical construction; and
          (4)(c)(ii) other details of development within the project area, including:

               (4)(c)(ii)(A) the total developed acreage;
               (4)(c)(ii)(B) the total undeveloped acreage;
               (4)(c)(ii)(C) the percentage of residential development; and
               (4)(c)(ii)(D) the total number of housing units authorized, if applicable;
     (4)(d) the project area budget, if applicable, or other project area funds analyses, with receipts and expenditures categorized by the type of receipt and expenditure related to the development performed or to be performed under the project area plan, including:

          (4)(d)(i) each project area funds collection period, including:

               (4)(d)(i)(A) the start and end date of the project area funds collection period; and
               (4)(d)(i)(B) the number of years remaining in each project area funds collection period;
          (4)(d)(ii) the amount of project area funds the agency is authorized to receive from the project area cumulatively and from each taxing entity, including:

               (4)(d)(ii)(A) the total dollar amount; and
               (4)(d)(ii)(B) the percentage of the total amount of project area funds generated within the project area;
          (4)(d)(iii) the remaining amount of project area funds the agency is authorized to receive from the project area cumulatively and from each taxing entity; and
          (4)(d)(iv) the amount of project area funds the agency is authorized to use to pay for the agency’s administrative costs, as described in Subsection 17C-1-409(1), including:

               (4)(d)(iv)(A) the total dollar amount; and
               (4)(d)(iv)(B) the percentage of the total amount of all project area funds;
     (4)(e) the estimated amount of project area funds that the agency is authorized to receive from the project area for the current calendar year;
     (4)(f) the estimated amount of project area funds to be paid to the agency for the next calendar year;
     (4)(g) a map of the project area;
     (4)(h) a description of how the goals, policies, and purposes of the project area plan have been furthered during the preceding year; and
     (4)(i) any other relevant information the agency elects to provide.
(5) An agency with no active project area shall, no later than June 30 of each year until the agency is dissolved under Section 17C-1-701.5, submit a report to the office stating that the agency has no active project area.
(6) Any information an agency submits in accordance with this section:

     (6)(a) is for informational purposes only; and
     (6)(b) does not alter the amount of project area funds that an agency is authorized to receive from a project area.
(7) The provisions of this section apply regardless of when the agency or project area is created.
(8) On or before September 1 of each year, the office shall prepare and submit an annual written report to the Political Subdivisions Interim Committee that identifiesthe agencies that complied and the agencies that failed to comply with the reporting requirements of this section during the preceding reporting period.
(9)

     (9)(a) If, by September 30 of the year the information is due, the office does not receive the information that an agency is required to submit under Subsection (4), the office shall:

          (9)(a)(i) refer the noncompliant agency to the state auditor for review; and
          (9)(a)(ii) post a notice on the office website identifying the noncompliant agency and describing the agency’s noncompliance.
     (9)(b) If the office does not receive a report an agency is required to submit under Subsection (5), the office shall refer the noncompliant agency to the state auditor for review.
     (9)(c) If, for two consecutive years, the office does not receive information an agency is required to submit under Subsection (4):

          (9)(c)(i) the office shall, no later than July 31 of the second consecutive year, notify the auditor and treasurer of the county in which the noncompliant agency is located of the agency’s noncompliance; and
          (9)(c)(ii) upon receiving the notice described in Subsection (9)(c)(i), the county treasurer shall withhold from the agency 20% of the amount of tax increment the agency is otherwise entitled to receive until the office notifies the county auditor and treasurer that the agency has complied with the requirement of Subsection (4).
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