Download Zipped Amended WP 8.0 SB0144.ZIP 18,303 Bytes
[Introduced][Status][Bill Documents][Fiscal Note][Bills Directory]

S.B. 144

             1     

TAX INCREMENT AMENDMENTS

             2     
2000 GENERAL SESSION

             3     
STATE OF UTAH

             4     
Sponsor: L. Alma Mansell

             5      AN ACT RELATING TO SPECIAL DISTRICTS; MODIFYING THE DATE GOVERNING THE
             6      AVAILABILITY OF CERTAIN TAX INCREMENT FUNDS h ; AND EXPANDING THE
             6a      PERMISSIBLE USES OF CERTAIN TAX INCREMENT FUNDS h .
             7      This act affects sections of Utah Code Annotated 1953 as follows:
             8      AMENDS:
             9          17A-2-1247, as last amended by Chapters 21 and 194, Laws of Utah 1999
             10          17A-2-1247.5, as last amended by Chapters 21 and 194, Laws of Utah 1999
             11      Be it enacted by the Legislature of the state of Utah:
             12          Section 1. Section 17A-2-1247 is amended to read:
             13           17A-2-1247. Tax increment financing authorized -- Division of tax revenues --
             14      Greater allocation allowed if authorized by taxing agency.
             15          (1) This section applies to projects for which a preliminary plan has been prepared prior
             16      to April 1, 1993, and for which all of the following have occurred prior to July 1, 1993: the agency
             17      blight study has been completed, and a hearing under Section 17A-2-1221 has in good faith been
             18      commenced by the agency.
             19          (2) Any redevelopment plan may contain a provision that taxes, if any, levied upon taxable
             20      property in a redevelopment project each year by or for the benefit of the state, any city, county,
             21      city and county, district, or other public corporation (hereinafter sometimes called "taxing
             22      agencies") after the effective date of the ordinance approving the redevelopment plan, shall be
             23      divided as follows:
             24          (a) That portion of the taxes which would be produced by the rate upon which the tax is
             25      levied each year by or for each of the taxing agencies upon the total sum of the taxable value of
             26      the taxable property in the redevelopment project as shown upon the assessment roll used in
             27      connection with the taxation of the property by the taxing agency, last equalized prior to the


             28      effective date of the ordinance, shall be allocated to and when collected shall be paid into the funds
             29      of the respective taxing agencies as taxes by or for the taxing agencies on all other property are
             30      paid (for the purpose of allocating taxes levied by or for any taxing agency or agencies which did
             31      not include the territory in a redevelopment project on the effective date of the ordinance but to
             32      which the territory has been annexed or otherwise included after the effective date, the assessment
             33      roll of the county last equalized on the effective date of the ordinance shall be used in determining
             34      the taxable value of the taxable property in the project on the effective date).
             35          (b) In a redevelopment project with a redevelopment plan adopted before April 1, 1983,
             36      that portion of the levied taxes each year in excess of the amount allocated to and when collected
             37      paid into the funds of the respective taxing agencies under Subsection (2)(a) shall be allocated to
             38      and when collected shall be paid into a special fund of the redevelopment agency to pay the
             39      principal of and interest on loans, moneys advanced to, or indebtedness (whether funded, refunded,
             40      assumed, or otherwise) incurred by the redevelopment agency before April 1, 1983, to finance or
             41      refinance, in whole or in part, the redevelopment project. Payment of tax revenues to the
             42      redevelopment agency shall be subject to and shall except uncollected or delinquent taxes in the
             43      same manner as payments of taxes to other taxing agencies are subject to collection. Unless and
             44      until the total taxable value of the taxable property in a redevelopment project exceeds the total
             45      taxable value of the taxable property in the project as shown by the last equalized assessment roll
             46      referred to in Subsection (2)(a), all of the taxes levied and collected upon the taxable property in
             47      the redevelopment project shall be paid into the funds of the respective taxing agencies. When
             48      the loans, advances, and indebtedness, if any, and any interest have been paid, all moneys received
             49      from taxes upon the taxable property in the redevelopment project shall be paid into the funds of
             50      the respective taxing agencies as taxes on all other property are paid.
             51          (c) Notwithstanding the provisions of Subsections (2)(a) and (e), Subsection
             52      17A-2-1210 (5), or any other provision of this part, any loans, moneys advanced to, or indebtedness
             53      (whether funded, refunded, assumed, or otherwise) issued prior to April 1, 1983, may be
             54      refinanced and repaid from 100% of that portion of the levied taxes paid into the special fund of
             55      the redevelopment agency each year in excess of the amount allocated to and when collected paid
             56      into the funds of the respective taxing agencies under Subsection (2)(a) if the principal amount of
             57      loans, moneys advanced to, or indebtedness is not increased in the refinancing.
             58          (d) In a redevelopment project with a redevelopment plan adopted before April 1, 1983,


             59      that portion of the levied taxes each year in excess of the amount allocated to and when collected
             60      paid into the funds of the respective taxing agencies under Subsection (2)(a) shall be allocated to
             61      and when collected shall be paid into a special fund of the redevelopment agency according to the
             62      limits established in Subsection (2)(f) to pay the principal of and interest on loans, moneys
             63      advanced to, or indebtedness (whether funded, refunded, assumed, or otherwise) incurred by the
             64      redevelopment agency after April 1, 1983, to finance or refinance, in whole or in part, the
             65      redevelopment project. Payment of tax revenues to the redevelopment agency shall be subject to
             66      and shall except uncollected or delinquent taxes in the same manner as payments of taxes to other
             67      taxing agencies are subject to collection. Unless and until the total taxable value of the taxable
             68      property in a redevelopment project exceeds the total taxable value of the taxable property in the
             69      project as shown by the last equalized assessment roll referred to in Subsection (2)(a), all of the
             70      taxes levied and collected upon the taxable property in the redevelopment project shall be paid into
             71      the funds of the respective taxing agencies. When the loans, advances, and indebtedness, if any,
             72      and any interest have been paid, all moneys received from taxes upon the taxable property in the
             73      redevelopment project shall be paid into the funds of the respective taxing agencies as taxes on all
             74      other property are paid.
             75          (e) In a redevelopment project with a redevelopment plan adopted after April 1, 1983, that
             76      portion of the levied taxes each year in excess of the amount allocated to and when collected paid
             77      into the funds of the respective taxing agencies under Subsection (2)(a) shall be allocated to and
             78      when collected shall be paid into a special fund of the redevelopment agency according to the
             79      limits established in Subsection (2)(f) to pay the principal of and interest on loans, moneys
             80      advanced to, or indebtedness (whether funded, refunded, assumed, or otherwise) incurred by the
             81      redevelopment agency after April 1, 1983, to finance or refinance, in whole or in part, the
             82      redevelopment project. Payment of tax revenues to the redevelopment agency shall be subject to
             83      and shall except uncollected or delinquent taxes in the same manner as payments of taxes to other
             84      taxing agencies are subject to collection. Unless and until the total taxable value of the taxable
             85      property in a redevelopment project exceeds the total taxable value of the taxable property in the
             86      project as shown by the last equalized assessment roll referred to in Subsection (2)(a), all of the
             87      taxes levied and collected upon the taxable property in the redevelopment project shall be paid into
             88      the funds of the respective taxing agencies. When the loans, advances, and indebtedness, if any,
             89      and any interest have been paid, all moneys received from taxes upon the taxable property in the


             90      redevelopment project shall be paid into the funds of the respective taxing agencies as taxes on all
             91      other property are paid.
             92          (f) For purposes of Subsections (2)(d) and (e), the maximum amounts which shall be
             93      allocated to and when collected shall be paid into the special fund of a redevelopment agency may
             94      not exceed the following percentages:
             95          (i) for a period of the first five tax years commencing from the first tax year a
             96      redevelopment agency accepts an amount allocated to and when collected paid into a special fund
             97      of the redevelopment agency to pay the principal of and interest on loans, moneys advanced to, or
             98      indebtedness (whether funded, refunded, assumed, or otherwise) which loans, advances, or
             99      indebtedness are incurred by the redevelopment agency after April 1, 1983, 100% of that portion
             100      of the levied taxes each year in excess of the amount allocated to and when collected paid into the
             101      funds of the respective taxing agencies under Subsection (2)(a);
             102          (ii) for a period of the next five tax years 80% of that portion of the levied taxes each year
             103      in excess of the amount allocated to and when collected paid into the funds of the respective taxing
             104      agencies under Subsection (2)(a);
             105          (iii) for a period of the next five tax years 75% of that portion of the levied taxes each year
             106      in excess of the amount allocated to and when collected paid into the funds of the respective taxing
             107      agencies under Subsection (2)(a);
             108          (iv) for a period of the next five tax years 70% of that portion of the levied taxes each year
             109      in excess of the amount allocated to and when collected paid into the funds of the respective taxing
             110      agencies under Subsection (2)(a); and
             111          (v) for a period of the next five tax years 60% of that portion of the levied taxes each year
             112      in excess of the amount allocated to and when collected paid into the funds of the respective taxing
             113      agencies under Subsection (2)(a).
             114          (g) (i) In addition to the maximum amounts allocated to and when collected paid into the
             115      special fund of a redevelopment agency under Subsection (2)(f), a redevelopment agency may
             116      receive an additional percentage greater than those described in Subsection (2)(f) if the amount of
             117      the tax increment funding received from the greater percentage is used:
             118          (A) for an agency established by the governing body of a first class city:
             119          (I) solely to pay all or part of the value of the land for and the cost of the installation and
             120      construction of any building, facility, structure, or other improvement of a publicly or privately


             121      owned convention center or sports complex, including parking and infrastructure improvements
             122      related to such convention center or sports complex;
             123          (II) solely to pay all or part of the cost of the installation and construction of an underpass
             124      that has not received funding from the Centennial Highway Fund under Section 72-2-118 as part
             125      of the construction of Interstate 15; h [ or ] h
             126          (III) solely to pay all or part of the cost of the land for and the installation and construction
             127      of a recreational facility, as defined in Section 59-12-702 , or a cultural facility, including parking
             128      and infrastructure improvements related to the recreational or cultural facility; or
             128a           h (IV) SOLELY TO PAY PART OF THE COST OF THE RELOCATION OF AN AGRICULTURE
             128b      RELATED BUSINESS h , EXCEPT A RELOCATION RESULTING FROM THE AGENCY'S EXERCISE OF
             128b1      EMINENT DOMAIN, h FROM A CITY OF THE FIRST CLASS TO ANOTHER LOCATION WITHIN A
             128c      COUNTY OF THE THIRD, FOURTH, FIFTH, OR SIXTH CLASS; OR h
             129          (B) for any agency, to pay all or part of the cost of the installation, construction, or
             130      reconstruction of the 10000 South underpass or the 11400 South or 12300 South interchange on
             131      I-15 in Salt Lake County.
             132          (ii) The additional percentage a redevelopment agency may receive under Subsection
             133      (2)(g)(i) shall be:
             134          (A) 100% of that portion of the levied taxes each year in excess of the amount allocated
             135      to and when collected paid into the funds of the respective taxing agencies under Subsection (2)(a);
             136      and
             137          (B) paid for a period of the first 32 years commencing from the first tax year a
             138      redevelopment agency accepts an amount allocated to and when collected paid into a special fund
             139      of the redevelopment agency to pay the principal of and interest on loans, moneys advanced to, or
             140      indebtedness, whether funded, refunded, assumed, or otherwise, that are incurred by the
             141      redevelopment agency after April 1, 1983.
             142          (iii) This Subsection (2)(g) applies only to a redevelopment agency created by a city h OF
             142a      THE FIRST CLASS OR A CITY h that
             143      is located in a county of the first class and in which:
             144          (A) construction has begun on a building, facility, structure, or other improvement of a
             145      publicly or privately owned convention center or sports complex, including parking and
             146      infrastructure improvements related to such convention center or sports complex, on or before June
             147      30, h [ 1997 ] 2002 h ;
             148          (B) construction has begun on or before June 30, [2000] 2002, on an underpass that has
             149      not received funding from the Centennial Highway Fund under Section 72-2-118 as part of the
             150      construction of Interstate 15;
             151          (C) the installation, construction, or reconstruction of the 10000 South underpass or the


             152      11400 South or 12300 South interchange on I-15 in Salt Lake County has begun on or before June
             153      30, [2000] 2002; h [ or ] h
             154          (D) construction has begun on a recreational facility, as defined in Section 59-12-702 , or
             155      a cultural facility on or before June 30, [2000] 2002 h ; OR
             155a          (E) THE PROCESS OF RELOCATING AN AGRICULTURE RELATED BUSINESS FROM A CITY
             155b      OF THE FIRST CLASS TO ANOTHER LOCATION WITHIN A COUNTY OF THE THIRD, FOURTH, FIFTH,
             155c      OR SIXTH CLASS HAS BEGUN ON OR BEFORE DECEMBER 31, 2002 h .
             156          (iv) An additional amount described in Subsection (2)(g)(i) may no longer be allocated to
             157      or used by the redevelopment agency, notwithstanding any other law to the contrary, if the
             158      additional amount is not pledged:
             159          (A) to pay all or part of the value of the land for and the cost of the installation and
             160      construction of any building, facility, structure, or other improvement described in Subsection
             161      (2)(g)(i)(A)(I) on or before June 30, 1997;
             162          (B) on or before June 30, [2000] 2002, to pay all or part of the cost of the installation and
             163      construction of an underpass that has not received funding from the Centennial Highway Fund
             164      under Section 72-2-118 as part of the construction of Interstate 15;
             165          (C) on or before June 30, [2000] 2002, to pay all or part of the cost of the installation,
             166      construction, or reconstruction of the 10000 South underpass or the 11400 South or 12300 South
             167      interchange on I-15 in Salt Lake County; h [ or ] h
             168          (D) on or before June 30, [2000] 2002, to pay all or part of the cost of the land for and the
             169      installation and construction of a recreational facility, as defined in Section 59-12-702 , or a cultural
             170      facility, including parking and infrastructure improvements related to the recreational or cultural
             171      facility h ; OR
             171a          (E) ON OR BEFORE DECEMBER 31, 2002 TO PAY PART OF THE COST OF THE RELOCATION
             171b      OF AN AGRICULTURE RELATED BUSINESS h , EXCEPT A RELOCATION RESULTING FROM THE
             171b1      AGENCY'S EXERCISE OF EMINENT DOMAIN , h FROM A CITY OF THE FIRST CLASS TO ANOTHER
             171c      LOCATION WITHIN A COUNTY OF THE THIRD, FOURTH, FIFTH, OR SIXTH CLASS h .
             172          (v) Notwithstanding any other provision of this Subsection (2)(g), a school district may
             173      not receive less tax increment because of application of the other provisions of this Subsection
             174      (2)(g) than it would have received without those provisions.
             175          (3) Nothing contained in Subsections (2)(d), (e), (f), and (g) prevents an agency from
             176      receiving a greater percentage than those established in Subsections (2)(f) and (g) of the levied
             177      taxes of any local taxing agency each year in excess of the amount allocated to and when collected


             178      paid into the funds of the respective local taxing agency if the governing body of the local taxing
             179      agency consents in writing.
             180          (4) Nothing in this section may be construed to prevent an agency from using funds
             181      allocated under Subsection (2)(f) for a project allowed under Subsection (2)(g)(i).
             182          Section 2. Section 17A-2-1247.5 is amended to read:


             183           17A-2-1247.5. Tax increment financing -- Project area budget approval -- Payment
             184      of additional tax increment.
             185          (1) This section applies to projects for which a preliminary plan has been adopted on or
             186      after July 1, 1993.
             187          (2) (a) A taxing agency committee shall be created for each redevelopment or economic
             188      development project. The committee membership shall be selected as follows:
             189          (i) two representatives appointed by the school district in the project area;
             190          (ii) two representatives appointed by resolution of the county commission or county
             191      council for the county in which the project area is located;
             192          (iii) two representatives appointed by resolution of the city or town's legislative body in
             193      which the project area is located if the project is located within a city or town;
             194          (iv) a representative approved by the State School Board; and
             195          (v) one representative who shall represent all of the remaining governing bodies of the
             196      other local taxing agencies that levy taxes upon the property within the proposed project area. The
             197      representative shall be selected by resolution of each of the governing bodies of those taxing
             198      agencies within 30 days after the notice provided in Subsection 17A-2-1256 (3).
             199          (b) If the project is located within a city or town, a quorum of a taxing agency committee
             200      consists of five members. If the project is not located within a city or town, a quorum consists of
             201      four members.
             202          (c) A taxing agency committee formed in accordance with this section has the authority
             203      to:
             204          (i) represent all taxing entities in a project area and cast votes that will be binding on the
             205      governing boards of all taxing entities in a project area;
             206          (ii) negotiate with the agency concerning the redevelopment plan;
             207          (iii) approve or disapprove project area budgets under Subsection (3); and
             208          (iv) approve an exception to the limits on the value and size of project areas imposed by
             209      Section 17A-2-1210 , or the time and amount of tax increment financing under this section.
             210          (3) (a)(i) If the project area budget does not allocate 20% of the tax increment for housing
             211      as provided in Subsection 17A-2-1264 (2)(a):
             212          (A) an agency may not collect any tax increment for a project area until after the agency
             213      obtains the majority consent of a quorum of the taxing agency committee for the project area


             214      budget; and
             215          (B) a project area budget adopted under Subsection (3)(a)(i)(A) may be amended if the
             216      agency obtains the majority consent of a quorum of the taxing agency committee.
             217          (ii) If the project area budget allocates 20% of the tax increment for housing as provided
             218      in Subsection 17A-2-1264 (2)(a):
             219          (A) an agency may not collect tax increment from all or part of a project area until after:
             220          (I) the Olene Walker Housing Trust Fund Board, established under Title 9, Chapter 4, Part
             221      7, Olene Walker Housing Trust Fund, has certified the project area budget as complying with the
             222      requirements of Section 17A-2-1264 ; and
             223          (II) the agency's governing body has approved and adopted the project area budget by a
             224      two-thirds vote; and
             225          (B) a project area budget adopted under Subsection (3)(a)(ii)(A) may be amended if:
             226          (I) the Olene Walker Housing Trust Fund Board, established under Title 9, Chapter 4, Part
             227      7, Olene Walker Housing Trust Fund, certifies the amendment as complying with the requirements
             228      of Section 17A-2-1264 ; and
             229          (II) the agency's governing body approves and adopts the amendment by a two-thirds vote.
             230          (b)Within 30 days after the approval and adoption of a project area budget, each agency
             231      shall file a copy of the budget with the county auditor, the State Tax Commission, the state auditor,
             232      and each property taxing entity affected by the agency's collection of tax increment under the
             233      project area budget.
             234          (c) (i) Beginning on January 1, 1997, before an amendment to a project area budget is
             235      approved, the agency shall advertise and hold one public hearing on the proposed change in the
             236      project area budget.
             237          (ii) The public hearing under Subsection (3)(c)(i) shall be conducted according to the
             238      procedures and requirements of Subsection 17A-2-1222 (2), except that if the amended budget
             239      allocates a greater proportion of tax increment to a project area than was allocated to the project
             240      area under the previous budget, the advertisement shall state the percentage allocated under the
             241      previous budget and the percentage allocated under the amended budget.
             242          (d) If an amendment is not approved, the agency shall continue to operate under the
             243      previously approved, unamended project area budget.
             244          (4) (a) An agency may collect tax increment from all or a part of a project area. The tax


             245      increment shall be paid to the agency in the same manner and at the same time as payments of
             246      taxes to other taxing agencies to pay the principal of and interest on loans, moneys advanced to,
             247      or indebtedness, whether funded, refunded, assumed, or otherwise, to finance or refinance, in
             248      whole or in part, the redevelopment or economic development project and the housing projects and
             249      programs under Sections 17A-2-1263 and 17A-2-1264 .
             250          (b) (i) An agency may elect to be paid:
             251          (A) if 20% of the project area budget is not allocated for housing as provided in Subsection
             252      17A-2-1264 (2)(a):
             253          (I) 100% of annual tax increment for 12 years; or
             254          (II) 75% of annual tax increment for 20 years; or
             255          (B) if 20% of the project area budget is allocated for housing as provided in Subsection
             256      17A-2-1264 (2)(a):
             257          (I) 100% of annual tax increment for 15 years; or
             258          (II) 75% of annual tax increment for 24 years.
             259          (ii) Tax increment paid to an agency under this Subsection (4)(b) shall be paid for the
             260      applicable length of time beginning the first tax year the agency accepts tax increment from a
             261      project area.
             262          (c) An agency may receive a greater percentage of tax increment or receive tax increment
             263      for a longer period of time than that specified in Subsection (4)(b) if the agency obtains the
             264      majority consent of the taxing agency committee.
             265          (5) (a) The redevelopment plan shall provide that the portion of the taxes, if any, due to
             266      an increase in the tax rate by a taxing agency after the date the project area budget is approved by
             267      the taxing agency committee may not be allocated to and when collected paid into a special fund
             268      of the redevelopment agency according to the provisions of Subsection (4) unless the taxing
             269      agency committee approves the inclusion of the increase in the tax rate at the time the project area
             270      budget is approved. If approval of the inclusion of the increase in the tax rate is not obtained, the
             271      portion of the taxes attributable to the increase in the rate shall be distributed by the county to the
             272      taxing agency imposing the tax rate increase in the same manner as other property taxes.
             273          (b) The amount of the tax rate to be used in determining tax increment shall be increased
             274      or decreased by the amount of an increase or decrease as a result of:
             275          (i) a statute enacted by the Legislature, a judicial decision, or an order from the State Tax


             276      Commission to a county to adjust or factor its assessment rate under Subsection 59-2-704 (2);
             277          (ii) a change in exemption provided in Utah Constitution Article XIII, Section 2, or Section
             278      59-2-103 ;
             279          (iii) an increase or decrease in the percentage of fair market value, as defined under
             280      Section 59-2-102 ; or
             281          (iv) a decrease in the certified tax rate under Subsection 59-2-924 (2)(c) or (2)(d)(i).
             282          (c) (i) Notwithstanding the increase or decrease resulting from Subsection (5)(b), the
             283      amount of money allocated to, and when collected paid to the agency each year for payment of
             284      bonds or other indebtedness may not be less than would have been allocated to and when collected
             285      paid to the agency each year if there had been no increase or decrease under Subsection (5)(b).
             286          (ii) For a decrease resulting from Subsection (5)(b)(iv), the taxable value for the base year
             287      under Subsection 17A-2-1202 (2) or 17A-2-1247 (2)(a), as the case may be, shall be reduced for any
             288      year to the extent necessary, including below zero, to provide an agency with approximately the
             289      same amount of money the agency would have received without a reduction in the county's
             290      certified tax rate if:
             291          (A) in that year there is a decrease in the certified tax rate under Subsection 59-2-924 (2)(c)
             292      or (2)(d)(i);
             293          (B) the amount of the decrease is more than 20% of the county's certified tax rate of the
             294      previous year; and
             295          (C) the decrease results in a reduction of the amount to be paid to the agency under Section
             296      17A-2-1247 or 17A-2-1247.5 .
             297          (6) (a) For redevelopment plans first adopted before May 4, 1993, beginning January 1,
             298      1994, all of the taxes levied and collected upon the taxable property in the redevelopment project
             299      under Section 59-2-906.1 which are not pledged to support bond indebtedness and other
             300      contractual obligations are exempt from the provisions of Subsection (4).
             301          (b) For redevelopment plans first adopted after May 3, 1993, beginning January 1, 1994,
             302      all of the taxes levied and collected upon the taxable property in the redevelopment project under
             303      Section 59-2-906.1 are exempt from the provisions of Subsection (4).
             304          (7) (a) In addition to the amounts and periods that an agency may elect to be paid tax
             305      increment under Subsection (4)(b), an agency may elect to be paid 100% of annual tax increment
             306      for an additional period, as provided in Subsection (7)(b), beyond those periods provided under


             307      Subsection (4)(b), without the approval of the taxing agency committee, if the tax increment
             308      funding for the additional period is used:
             309          (i) for an agency in a city in which is located all or a portion of an interchange on I-15 or
             310      that would directly benefit from an interchange on I-15, to pay some or all of the cost of the
             311      installation, construction, or reconstruction of:
             312          (A) an interchange on I-15; or
             313          (B) frontage and other roads connecting to the interchange, as determined by the
             314      Department of Transportation created under Section 72-1-201 and the Transportation Commission
             315      created under Section 72-1-301 ; or
             316          (ii) for an agency in a city of the first class, to pay some or all of the cost of the land for
             317      and installation and construction of a recreational facility, as defined in Subsection 59-12-702 (3),
             318      or a cultural facility, including parking and infrastructure improvements related to the recreational
             319      or cultural facility.
             320          (b) The additional period for which an agency may be paid 100% of annual tax increment
             321      under Subsection (7)(a) is an additional:
             322          (i) 13 years, for an agency that initially elected to be paid under Subsection (4)(b)(i)(A)(I);
             323          (ii) five years, for an agency that initially elected to be paid under Subsection
             324      (4)(b)(i)(A)(II);
             325          (iii) ten years, for an agency that initially elected to be paid under Subsection
             326      (4)(b)(i)(B)(I); and
             327          (iv) one year, for an agency that initially elected to be paid under Subsection
             328      (4)(b)(i)(B)(II).
             329          (c) This Subsection (7) applies only to an agency established by a city in which:
             330          (i) for an agency in a city in which is located all or a portion of an interchange on I-15 or
             331      that would directly benefit from an interchange on I-15, the installation, construction, or
             332      reconstruction of an interchange on I-15 or frontage or other roads connecting to the interchange
             333      has begun on or before June 30, [2000] 2002; and
             334          (ii) for an agency in a city of the first class, the installation or construction of a recreational
             335      facility, as defined in Subsection 59-12-702 (3), or a cultural facility has begun on or before June
             336      30, [2000] 2002.
             337          (d) Notwithstanding any other provision of this Subsection (7), a school district may not


             338      receive less tax increment because of application of the other provisions of this Subsection (7) than
             339      it would have received without those provisions.




Legislative Review Note
    as of 1-24-00 7:17 AM


A limited legal review of this legislation raises no obvious constitutional or statutory concerns.

Office of Legislative Research and General Counsel


[Bill Documents][Bills Directory]