Utah Code 17C-5-303. Community reinvestment project area budget — Requirements
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A community reinvestment project area budget shall include:
(1) if the agency receives tax increment:
Terms Used In Utah Code 17C-5-303
- 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
- Combined incremental value: means the combined total of all incremental values from all project areas, except project areas that contain some or all of a military installation or inactive industrial site, within the agency's boundaries under project area plans and project area budgets at the time that a project area budget for a new project area is being considered. 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
- Land: includes :(18)(a) land;(18)(b) a tenement;(18)(c) a hereditament;(18)(d) a water right;(18)(e) a possessory right; and(18)(f) a claim. See Utah Code 68-3-12.5
- 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 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- 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
- Property: includes both real and personal property. See Utah Code 68-3-12.5
- 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 Sections59-12-204 and59-12-205 . 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 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(1)(a) the base taxable value;(1)(b) the projected amount of tax increment to be generated within the community reinvestment project area;(1)(c) each project area funds collection period;(1)(d) if applicable, the projected amount of tax increment to be paid to other taxing entities in accordance with Section 17C-1-410;(1)(e) if the area from which tax increment is collected is less than the entire community reinvestment project area:(1)(e)(i) a boundary description of the portion or portions of the community reinvestment project area from which the agency receives tax increment; and(1)(e)(ii) for each portion described in Subsection (1)(e)(i), the period of time during which tax increment is collected;(1)(f) the percentage of tax increment the agency is authorized to receive from the community reinvestment project area; and(1)(g) the maximum cumulative dollar amount of tax increment the agency is authorized to receive from the community reinvestment project area;(2) if the agency receives sales and use tax revenue:(2)(a) the percentage and total amount of sales and use tax revenue to be paid to the agency; and(2)(b) each project area funds collection period;(3) the amount of project area funds the agency will use to implement the community reinvestment project area plan, including the estimated amount of project area funds that will be used for land acquisition, public improvements, infrastructure improvements, or any loans, grants, or other incentives to private or public entities;(4) the agency’s combined incremental value;(5) the amount of project area funds that will be used to cover the cost of administering the community reinvestment project area plan; and(6) for property that the agency owns and expects to sell, the expected total cost of the property to the agency and the expected sale price.