Utah Code 17C-1-702. Project area dissolution — Use of unexpended funds for housing
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(1) Regardless of when a project area funds collection period ends, the project area remains in existence until:
Terms Used In Utah Code 17C-1-702
- Board: means the governing body of an agency, as described in Section
17C-1-203 . See Utah Code 17C-1-102 - Community: means a county or municipality. See Utah Code 17C-1-102
- Community legislative body: means the legislative body of the community that created the agency. 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 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
- Property: includes both real and personal property. See Utah Code 68-3-12.5
- 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
- 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) the agency adopts a resolution dissolving the project area; and(1)(b) the community legislative body adopts an ordinance dissolving the project area.
(2) The ordinance described in Subsection (1)(b) shall include:
(2)(a) the name of the project area; and
(2)(b) a project area map or boundary description.
(3) Within 30 days after the day on which the community legislative body adopts an ordinance described in Subsection (1)(b), the community legislative body shall:
(3)(a) submit a copy of the ordinance to the county recorder of the county in which the dissolved project area is located; and
(3)(b) mail or electronically submit a copy of the ordinance to the county auditor, the State Tax Commission, the State Board of Education, and each taxing entity that levies or imposes a tax on property within the dissolved project area.
(4)
(4)(a) As used in this Subsection (4), “dormancy period” means a period that ends the later of:
(4)(a)(i) five years after the project area funds collection period ends; and
(4)(a)(ii) five years after the effective date of this section.
(4)(b) An agency with project area funds remaining at the end of the dormancy period shall use the unexpended funds as provided in Subsection 17C-1-412 (1)(b).