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Second Substitute H.B. 137

Representative Darin G. Peterson proposes the following substitute bill:





Sponsor: Darin G. Peterson

             6      This act modifies provisions related to redevelopment agencies by allowing a taxing entity
             7      committee S IN FIFTH AND SIXTH CLASS COUNTIES s to waive the 20% housing allowance
             7a      requirement for economic development
             8      project area budgets adopted on or after May 1, 2002, if the economic development project
             9      area consists of an area without housing units.
             10      This act affects sections of Utah Code Annotated 1953 as follows:
             11      AMENDS:
             12          17B-4-504, as enacted by Chapter 133, Laws of Utah 2001
             13      Be it enacted by the Legislature of the state of Utah:
             14          Section 1. Section 17B-4-504 is amended to read:
             15           17B-4-504. Part of tax increment funds to be used for housing -- Waiver of
             16      requirement.
             17          (1) (a) Except as provided in Subsection (1)(b), each project area budget adopted on or
             18      after May 1, 2000 that provides for more than $100,000 of annual tax increment to be paid to the
             19      agency shall allocate at least 20% of the tax increment for housing as provided in Section
             20      17B-4-1010 .
             21          (b) The 20% requirement of Subsection (1)(a) may be waived:
             22          (i) in part or whole by the mutual consent of the trust fund board and the taxing entity
             23      committee if they determine that 20% of tax increment is more than is needed to address the
             24      community's need for income targeted housing, as defined in Section 17B-4-1010 [.]; or
             25          (ii) S IN FIFTH AND SIXTH CLASS COUNTIES, s by the taxing entity committee for economic
             25a      development project area budgets adopted

             26      on or after May 1, 2002, if the economic development project area consists of an area without
             27      housing units.
             28          (2) A project area budget not required under Subsection (1)(a) to allocate tax increment
             29      for housing may allocate 20% of tax increment payable to the agency over the life of the project
             30      area for housing as provided in Section 17B-4-1010 if the project area budget is under a project
             31      area plan that is adopted on or after July 1, 1998.

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