(1) As used in this section, “successor taxing entity” means a taxing entity that:

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Terms Used In Utah Code 17C-5-204

  • Base taxable value: means , unless otherwise adjusted in accordance with provisions of this title, a property's taxable value as shown upon the assessment roll last equalized during the base year. See Utah Code 17C-1-102
  • Base year: means , except as provided in Subsection 17C-1-402(4)(c), the year during which the assessment roll is last equalized:
         (9)(a) for a pre-July 1, 1993, urban renewal or economic development project area plan, before the project area plan's effective date;
         (9)(b) for a post-June 30, 1993, urban renewal or economic development project area plan, or a community reinvestment project area plan that is subject to a taxing entity committee:
              (9)(b)(i) before the date on which the taxing entity committee approves the project area budget; or
              (9)(b)(ii) if taxing entity committee approval is not required for the project area budget, before the date on which the community legislative body adopts the project area plan;
         (9)(c) for a project on an inactive airport site, after the later of:
              (9)(c)(i) the date on which the inactive airport site is sold for remediation and development; or
              (9)(c)(ii) the date on which the airport that operated on the inactive airport site ceased operations; or
         (9)(d) for a community development project area plan or a community reinvestment project area plan that is subject to an interlocal agreement, as described in the interlocal agreement. See Utah Code 17C-1-102
  • Basic levy: means the portion of a school district's tax levy constituting the minimum basic levy under Section 59-2-902. See Utah Code 17C-1-102
  • Community: means a county or municipality. See Utah Code 17C-1-102
  • Community reinvestment project area plan: means a project area plan adopted under Chapter 5, Part 1, Community Reinvestment 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
  • 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
  • Project area funds collection period: means the period of time that:
         (50)(a) begins the day on which the first payment of project area funds is distributed to an agency under a project area budget approved by a taxing entity committee or an interlocal agreement; and
         (50)(b) ends the day on which the last payment of project area funds is distributed to an agency under a project area budget approved by a taxing entity committee or an interlocal agreement. 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
  • 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
  • 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
     (1)(a) is created after the day on which an interlocal agreement is executed to allow an agency to receive a taxing entity’s project area funds; and
     (1)(b) levies or imposes a tax within the community reinvestment project area.
(2) This section applies to a community reinvestment project area that is subject to an interlocal agreement under Subsection 17C-5-202(1)(a).
(3) For the purpose of implementing a community reinvestment project area plan, an agency may negotiate with a taxing entity for all or a portion of the taxing entity’s project area funds.
(4) A taxing entity may agree to allow an agency to receive the taxing entity’s project area funds by executing an interlocal agreement with the agency in accordance with Title 11, Chapter 13, Interlocal Cooperation Act.
(5) Before an agency may use project area funds received under an interlocal agreement described in Subsection (4), the agency shall:

     (5)(a) obtain a written certification, signed by an attorney licensed to practice law in the state, stating that the agency and the taxing entity have each followed all legal requirements relating to the adoption of the interlocal agreement; and
     (5)(b) provide a signed copy of the certification described in Subsection (5)(a) to the taxing entity.
(6) An interlocal agreement described in Subsection (4) shall:

     (6)(a) if the interlocal agreement provides for the agency to receive tax increment, state:

          (6)(a)(i) the method of calculating the amount of the taxing entity’s tax increment from the community reinvestment project area that the agency receives, including the base year and base taxable value;
          (6)(a)(ii) the project area funds collection period; and
          (6)(a)(iii) the percentage of the taxing entity’s tax increment or the maximum cumulative dollar amount of the taxing entity’s tax increment that the agency receives;
     (6)(b) if the interlocal agreement provides for the agency to receive the taxing entity’s sales and use tax revenue, state:

          (6)(b)(i) the method of calculating the amount of the taxing entity’s sales and use tax revenue that the agency receives;
          (6)(b)(ii) the project area funds collection period; and
          (6)(b)(iii) the percentage of sales and use tax revenue or the maximum cumulative dollar amount of sales and use tax revenue that the agency receives;
     (6)(c) include a copy of the community reinvestment project area budget; and
     (6)(d) prohibit a taxing entity from proportionately reducing the amount of project area funds the taxing entity consents to pay to an agency under this section by the amount of any direct expenditures the taxing entity makes within the project area for the benefit of the project area or the agency.
(7) A school district may consent to allow an agency to receive tax increment from the school district’s basic levy only to the extent that the school district also consents to allow the agency to receive tax increment from the school district’s local levy.
(8) The parties may amend an interlocal agreement under this section by mutual consent.
(9) A taxing entity’s consent to allow an agency to receive project area funds under this section is not subject to the requirements of Section 10-8-2.
(10) An interlocal agreement executed by a taxing entity under this section may be enforced by or against any successor taxing entity.

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