Utah Code 17C-2-204. Consent of taxing entity committee required for urban renewal project area budget — Exception
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Terms Used In Utah Code 17C-2-204
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Board: means the governing body of an agency, as described in Section
17C-1-203 . See Utah Code 17C-1-102 - Loan fund board: means the Olene Walker Housing Loan Fund Board, established under Title 35A, Chapter 8, Part 5, Olene Walker Housing Loan Fund. 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, Section17C-3-201 ;(47)(c) for a community development project area, Section17C-4-204 ; or(47)(d) for a community reinvestment project area, Section17C-5-302 . 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
- 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- 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(1)(a) Except as provided in Subsection (1)(b) and subject to Subsection (2), each agency shall obtain the consent of the taxing entity committee for each urban renewal project area budget under a post-June 30, 1993 project area plan before the agency may receive any tax increment from the urban renewal project area.(1)(b) For an urban renewal project area budget adopted from July 1, 1998 through May 1, 2000 that allocates 20% or more of the tax increment for housing as provided in Section 17C-1-412, an agency:(1)(b)(i) need not obtain the consent of the taxing entity committee for the project area budget; and(1)(b)(ii) may not receive any tax increment from all or part of the project area until after:(1)(b)(ii)(A) the loan fund board has certified the project area budget as complying with the requirements of Section 17C-1-412; and(1)(b)(ii)(B) the board has approved and adopted the project area budget by a two-thirds vote.(2)(2)(a) Before a taxing entity committee may consent to an urban renewal project area budget adopted on or after May 1, 2000 that is required under Subsection 17C-2-203(1)(a) to allocate 20% of tax increment for housing, the agency shall:(2)(a)(i) adopt a housing plan showing the uses for the housing funds; and(2)(a)(ii) provide a copy of the housing plan to the taxing entity committee and the loan fund board.(2)(b) If an agency amends a housing plan prepared under Subsection (2)(a), the agency shall provide a copy of the amendment to the taxing entity committee and the loan fund board.