Utah Code 63N-3-608. Applicability to an existing community reinvestment project
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For a housing and transit reinvestment zone created under this part that overlaps any portion of an existing inactive industrial site community reinvestment project area plan created pursuant to Title 17C, Limited Purpose Local Government Entities – Community Reinvestment Agency Act:
(1) if the community reinvestment project area plan captures less than 80% of the tax increment from a taxing entity, or if a taxing entity is not participating in the community reinvestment project area plan, the housing and transit reinvestment zone may capture the difference between:
Terms Used In Utah Code 63N-3-608
- Agency: means the same as that term is defined in Section
17C-1-102 . 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
- 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 Section59-2-924 . 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(1)(a) 80%; and(1)(b) the percentage of tax increment captured pursuant to the community reinvestment project area plan; and - Taxing entity: means the same as that term is defined in Section
(2) if a community reinvestment project area plan expires before the housing and transit reinvestment zone, the housing and transit reinvestment zone may capture the tax increment allocated to the community reinvestment project area plan for any remaining portion of the term of the housing and transit reinvestment zone.