Utah Code 17C-3-202. Part of tax increment funds in an economic development project area budget to be used for housing — Waiver of requirement
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(1) This section applies only to an economic development project area budget adopted on or after May 1, 2000, but before March 30, 2009.
Terms Used In Utah Code 17C-3-202
- 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
- Income targeted housing: means housing that is:(32)(a) owned and occupied by a family whose annual income is at or below 120% of the median annual income for a family within the county in which the housing is located; or(32)(b) occupied by a family whose annual income is at or below 80% of the median annual income for a family within the county in which the housing is located. 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, Section17C-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(2)(2)(a) Except as provided in Subsection (2)(b), each economic development project area budget adopted on or after May 1, 2000 but before March 30, 2009 that provides for more than $100,000 of annual tax increment to be paid to the agency shall allocate at least 20% of the tax increment for housing as provided in Section 17C-1-412.(2)(b) The 20% requirement of Subsection (2)(a) may be waived:(2)(b)(i) in part or whole by the mutual consent of the loan fund board and the taxing entity committee if they determine that 20% of tax increment is more than is needed to address the community‘s need for income targeted housing; or(2)(b)(ii) in fifth and sixth class counties, by the taxing entity committee for economic development project area budgets adopted on or after May 1, 2002 but before March 30, 2009, if the economic development project area consists of an area without housing units.(3) An economic development project area budget not required under Subsection (2)(a) to allocate tax increment for housing may allocate 20% of tax increment payable to the agency over the life of the project area for housing as provided in Section 17C-1-412 if the project area budget is under a project area plan that is adopted on or after July 1, 1998.