(1) An agency may prepare and, by resolution adopted at a regular or special meeting of the board, adopt a community development project area budget setting forth:

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Terms Used In Utah Code 17C-4-204

  • 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 development project area plan: means a project area plan adopted under Chapter 4, Part 1, Community Development Project Area Plan. 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
  • Sales and use tax revenue: means revenue that is:
         (56)(a) generated from a tax imposed under Title 59, Chapter 12, Sales and Use Tax Act; and
         (56)(b) distributed to a taxing entity in accordance with Sections 59-12-204 and 59-12-205. 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 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
  • 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) the anticipated costs, including administrative costs, of implementing the community development project area plan; and
     (1)(b) the tax increment, sales and use tax revenue, and other revenue the agency anticipates receiving to fund the project.
(2) An agency may, by resolution adopted at a regular or special meeting of the board, amend a budget adopted under Subsection (1).
(3) Each resolution to adopt or amend a budget under this section shall appear as an item on the agenda for the regular or special board meeting at which the resolution is adopted without additional required notice.
(4) An agency is not required to obtain taxing entity or taxing entity committee approval to adopt or amend a community development project area budget.

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