(1) A municipality or public transit county may receive and use tax increment and housing and transit reinvestment zone funds in accordance with this part.
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Terms Used In Utah Code 63N-3-607

  • Agency: means the same as that term is defined in Section 17C-1-102. See Utah Code 63N-3-602
  • Enhanced development: means the construction of mixed uses including housing, commercial uses, and related facilities. See Utah Code 63N-3-602
  • Horizontal construction costs: means the additional costs associated with earthwork, over excavation, utility work, transportation infrastructure, and landscaping to achieve enhanced development in the housing and transit reinvestment zone. See Utah Code 63N-3-602
  • Housing and transit reinvestment zone: means a housing and transit reinvestment zone created pursuant to this part. See Utah Code 63N-3-602
  • Housing and transit reinvestment zone committee: means a housing and transit reinvestment zone committee created pursuant to Section 63N-3-605. See Utah Code 63N-3-602
  • Municipality: means the same as that term is defined in Section 10-1-104. See Utah Code 63N-3-602
  • Participant: means the same as that term is defined in Section 17C-1-102. See Utah Code 63N-3-602
  • Participation agreement: means the same as that term is defined in Section 17C-1-102, except that the agency may not provide and the person may not receive a direct subsidy. See Utah Code 63N-3-602
  • Property: includes both real and personal property. See Utah Code 68-3-12.5
  • Public transit county: means a county that has created a small public transit district. See Utah Code 63N-3-602
  • Tax increment: means the difference between:
              (34)(a)(i) the amount of property tax revenue generated each tax year by a taxing entity from the area within a housing and transit reinvestment zone designated in the housing and transit reinvestment zone proposal as the area from which tax increment is to be collected, using the current assessed value and each taxing entity's current certified tax rate as defined in Section 59-2-924; and
              (34)(a)(ii) the amount of property tax revenue that would be generated from that same area using the base taxable value and each taxing entity's current certified tax rate as defined in Section 59-2-924. See Utah Code 63N-3-602
  • Taxing entity: means the same as that term is defined in Section 17C-1-102. See Utah Code 63N-3-602
  • Vertical construction costs: means the additional costs associated with construction above four stories and structured parking to achieve enhanced development in the housing and transit reinvestment zone. See Utah Code 63N-3-602
(2)

     (2)(a) A county that collects property tax on property located within a housing and transit reinvestment zone shall, in accordance with Section 59-2-1365, distribute to the municipality or public transit county any tax increment the municipality or public transit county is authorized to receive up to the maximum approved by the housing and transit reinvestment zone committee.
     (2)(b) Tax increment distributed to a municipality or public transit county in accordance with Subsection (2)(a) is not revenue of the taxing entity or municipality or public transit county.
     (2)(c)

          (2)(c)(i) Tax increment paid to the municipality or public transit county are housing and transit reinvestment zone funds and shall be administered by an agency created by the municipality or public transit county within which the housing and transit reinvestment zone is located.
          (2)(c)(ii) Before an agency may receive housing and transit reinvestment zone funds from the municipality or public transit county, the municipality or public transit county and the agency shall enter into an interlocal agreement with terms that:

               (2)(c)(ii)(A) are consistent with the approval of the housing and transit reinvestment zone committee; and
               (2)(c)(ii)(B) meet the requirements of Section 63N-3-603.
(3)

     (3)(a) A municipality or public transit county and agency shall use housing and transit reinvestment zone funds within, or for the direct benefit of, the housing and transit reinvestment zone.
     (3)(b) If any housing and transit reinvestment zone funds will be used outside of the housing and transit reinvestment zone there must be a finding in the approved proposal for a housing and transit reinvestment zone that the use of the housing and transit reinvestment zone funds outside of the housing and transit reinvestment zone will directly benefit the housing and transit reinvestment zone.
(4) A municipality or public transit county shall use housing and transit reinvestment zone funds to achieve the purposes described in Subsections 63N-3-603(1) and (2), by paying all or part of the costs of any of the following:

     (4)(a) income targeted housing costs;
     (4)(b) structured parking within the housing and transit reinvestment zone;
     (4)(c) enhanced development costs;
     (4)(d) horizontal construction costs;
     (4)(e) vertical construction costs;
     (4)(f) property acquisition costs within the housing and transit reinvestment zone; or
     (4)(g) the costs of the municipality or public transit county to create and administer the housing and transit reinvestment zone, which may not exceed 2% of the total housing and transit reinvestment zone funds, plus the costs to complete the gap analysis described in Subsection 63N-3-604(2).
(5) Housing and transit reinvestment zone funds may be paid to a participant, if the agency and participant enter into a participation agreement which requires the participant to utilize the housing and transit reinvestment zone funds as allowed in this section.
(6) Housing and transit reinvestment zone funds may be used to pay all of the costs of bonds issued by the municipality or public transit county in accordance with Title 17C, Chapter 1, Part 5, Agency Bonds, including the cost to issue and repay the bonds including interest.
(7) A municipality or public transit county may create one or more public infrastructure districts within the housing and transit reinvestment zone under Title 17D, Chapter 4, Public Infrastructure District Act, and pledge and utilize the housing and transit reinvestment zone funds to guarantee the payment of public infrastructure bonds issued by a public infrastructure district.

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