(1) An agency that receives project area funds under an interlocal agreement shall, within 30 days after the day on which the interlocal agreement is effective, file a copy of the interlocal agreement with:

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Terms Used In Utah Code 17C-5-206

  • 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
  • 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
  • Property: includes both real and personal property. See Utah Code 68-3-12.5
  • Property tax: includes a privilege tax imposed under Title 59, Chapter 4, Privilege Tax. 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
     (1)(a) the State Tax Commission, the State Board of Education, and the state auditor; and
     (1)(b) the auditor of the county in which the community reinvestment project area is located, if the interlocal agreement authorizes the agency to receive tax increment.
(2) A county that collects property tax on property within a community reinvestment project area that is subject to an interlocal agreement shall, in accordance with Section 59-2-1365, pay and distribute to the agency the tax increment that the agency is authorized to receive under the interlocal agreement.