Utah Code 63N-3-1403. Allowable uses of funds
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(1) A local government shall use any funds or revenue provided under Section 59-12-402.5 within and for the direct benefit of the project area, and subject to the requirements of this section.
Terms Used In Utah Code 63N-3-1403
- 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
- Local government: means the municipality in which the project area is located. See Utah Code 63N-3-1401
- Project area: means the area created and designated to receive funds and revenue according to the terms and requirements of this part. See Utah Code 63N-3-1401
- Project participant: means a person that is approved to participate in the use of public funds in a project area according to the procedures and requirements of this part. See Utah Code 63N-3-1401
- Qualified stadium: means a sports facility that:
(7)(a) provides seating for spectators in a number that is reasonably consistent with the capacity of other stadiums used by other teams in the major professional sports league;(7)(b) is located within the project area; and(7)(c)(7)(c)(i) is in active use as the home venue of a major professional sports league team; or(7)(c)(ii) in the case of a stadium that is proposed to be constructed or remodeled, will be the home venue of a major professional sports league. See Utah Code 63N-3-1401- 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
(2) In addition to the requirements of Subsection (1), the allowable uses for the funds and revenue collected as authorized under this part are:(2)(a) costs for, including debt service or the costs of bonds issued by the local government or state:(2)(a)(i) paid to or for the benefit of a project participant for the construction or remodel of a qualified stadium within the project area in accordance with Title 17C, Chapter 1, Part 5, Agency Bonds, including the cost to issue and repay bonds and interest; and(2)(a)(ii) the construction, demolition, modification, or realignment of infrastructure or structures within the project area for the purpose of:(2)(a)(ii)(A) complementing a qualified stadium and its associated uses, including entertainment and recreational uses on land within the project area; and(2)(a)(ii)(B) improvement, demolition, modification, realignment, or restoration of areas within the project area for pedestrian and traffic flow, and for aesthetic, entertainment, recreational, and safety purposes;(2)(b) infrastructure and roads, including state roads, within the project area;(2)(c) traffic mitigation costs within the project area;(2)(d) law enforcement or public security needs within the project area; and(2)(e) costs of the local government to create a project area or participation agreement and to administer the funds, which cost may not exceed 1% of the tax revenue collected under Section59-12-402.5 .(3)(3)(a) The amount of funds and revenue used for, or for the benefit of, the project participant shall be limited to a maximum dollar amount that shall be explicitly stated in the participation agreement.(3)(b) A project participant may not receive the benefit of funds or revenue in an amount greater than the maximum dollar amount referred to in Subsection (3)(a).