Utah Code 17C-1-406. Additional tax increment under certain post-June 30, 1993, project area plans
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(1) This section applies to a post-June 30, 1993, project area plan adopted before May 1, 2006.
Terms Used In Utah Code 17C-1-406
- City: includes , depending on population, a metro township as defined in Section
10-3c-102 . See Utah Code 68-3-12.5 - Land: includes :(18)(a) land;(18)(b) a tenement;(18)(c) a hereditament;(18)(d) a water right;(18)(e) a possessory right; and(18)(f) a claim. See Utah Code 68-3-12.5
- 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
- Road: includes :
(33)(a) a public bridge;(33)(b) a county way;(33)(c) a county road;(33)(d) a common road; and(33)(e) a state road. 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 Section59-2-924 ; 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 Section59-2-924 . 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(2) An agency may, without the approval of the taxing entity committee, elect to be paid 100% of annual tax increment for each year beyond the periods specified in Subsection 17C-1-404(2) to a maximum of 25 years, including the years the agency is paid tax increment under Subsection 17C-1-404(2), if:(2)(a) for an agency in a city in which is located all or a portion of an interchange on I-15 or that would directly benefit from an interchange on I-15:(2)(a)(i) the tax increment paid to the agency during the additional years is used to pay some or all of the cost of the installation, construction, or reconstruction of:(2)(a)(i)(A) an interchange on I-15, whether or not the interchange is located within a project area; or(2)(a)(ii) the installation, construction, or reconstruction of the interchange or frontage and other roads has begun on or before June 30, 2002; or(2)(b) for an agency in a city of the first or second class:(2)(b)(i) the tax increment paid to the agency during the additional years is used to pay some or all of the cost of the land for and installation and construction of a recreational facility, as defined in Section 59-12-702, or a cultural facility, including parking and infrastructure improvements related to the recreational or cultural facility, whether or not the facility is located within a project area; and(2)(b)(ii) the installation or construction of the recreational or cultural facility has begun on or before June 30, 2002.(3) Notwithstanding any other provision of this section, an agency may use tax increment received under Subsection 17C-1-404(2) for any of the uses indicated in this section.(4) Notwithstanding Subsection (2), a school district may not, without the school district’s consent, receive less tax increment because of application of Subsection (2) than it would have received without that subsection.