Terms Used In Utah Code 63H-1-501

• Authority: means the Military Installation Development Authority, created under Section 63H-1-201. See Utah Code 63H-1-102
• Base taxable value: means :
       (2)(a) for military land or other land that was exempt from a property tax at the time that a project area was created that included the military land or other land, a taxable value of zero; or
       (2)(b) for private property that is included in a project area, the taxable value of the property within any portion of the project area, as designated by board resolution, from which the property tax allocation will be collected, as shown upon the assessment roll last equalized:

            (2)(b)(i) before the year in which the authority creates the project area; or

            (2)(b)(ii) before the year in which the project area plan is amended, for property added to a project area by an amendment to a project area plan. See Utah Code 63H-1-102
• Board: means the governing body of the authority created under Section 63H-1-301. See Utah Code 63H-1-102
• Dedicated tax collections: means the property tax that remains after the authority is paid the property tax allocation the authority is entitled to receive under Subsection 63H-1-501(1), for a property tax levied by:
            (4)(a)(i) a county, including a district the county has established under Subsection 17-34-3(2) to levy a property tax under Title 17, Chapter 34, Municipal-Type Services to Unincorporated Areas; or
            (4)(a)(ii) an included municipality. See Utah Code 63H-1-102
• Equal: means , with respect to biological sex, of the same value. See Utah Code 68-3-12.5
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Person: means :
       (24)(a) an individual;
       (24)(b) an association;
       (24)(c) an institution;
       (24)(d) a corporation;
       (24)(e) a company;
       (24)(f) a trust;
       (24)(g) a limited liability company;
       (24)(h) a partnership;
       (24)(i) a political subdivision;
       (24)(j) a government office, department, division, bureau, or other body of government; and
       (24)(k) any other organization or entity. See Utah Code 68-3-12.5
• Project area: means the land, including military land, whether consisting of a single contiguous area or multiple noncontiguous areas, described in a project area plan or draft project area plan, where the development project set forth in the project area plan or draft project area plan takes place or is proposed to take place. See Utah Code 63H-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 that includes:
       (18)(a) the base taxable value of property in the project area;
       (18)(b) the projected property tax allocation expected to be generated within the project area;
       (18)(c) the amount of the property tax allocation expected to be shared with other taxing entities;
       (18)(d) the amount of the property tax allocation expected to be used to implement the project area plan, including the estimated amount of the property tax allocation to be used for land acquisition, public improvements, infrastructure improvements, and loans, grants, or other incentives to private and public entities;
       (18)(e) the property tax allocation expected to be used to cover the cost of administering the project area plan;
       (18)(f) if the property tax allocation is to be collected at different times or from different portions of the project area, or both:

            (18)(f)(i)

                 (18)(f)(i)(A) the tax identification numbers of the parcels from which the property tax allocation will be collected; or

                 (18)(f)(i)(B) a legal description of the portion of the project area from which the property tax allocation will be collected; and

            (18)(f)(ii) an estimate of when other portions of the project area will become subject to collection of the property tax allocation; and
       (18)(g) for property that the authority owns or leases and expects to sell or sublease, the expected total cost of the property to the authority and the expected selling price or lease payments. See Utah Code 63H-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, except as described in Subsection (20)(b), and each levy on an ad valorem basis on tangible or intangible personal or real property. See Utah Code 63H-1-102
• Property tax allocation: means the difference between:
       (21)(a) the amount of property tax revenues generated each tax year by all taxing entities from the area within a project area designated in the project area plan as the area from which the property tax allocation is to be collected, using the current assessed value of the property; and
       (21)(b) the amount of property tax revenues that would be generated from that same area using the base taxable value of the property. See Utah Code 63H-1-102
• Taxable value: means the value of property as shown on the last equalized assessment roll. See Utah Code 63H-1-102