H.B. 137 Enrolled

LIMITED PURPOSE LOCAL GOVERNMENT
AGENCIES AMENDMENTS
2002 GENERAL SESSION
STATE OF UTAH
Sponsor: Darin G. Peterson
This act modifies provisions related to redevelopment agencies by allowing a taxing entity
committee in fifth and sixth class counties to waive the 20% housing allowance requirement
for economic development project area budgets adopted on or after May 1, 2002, if the
economic development project area consists of an area without housing units.
This act affects sections of Utah Code Annotated 1953 as follows:
AMENDS:
17B-4-504, as enacted by Chapter 133, Laws of Utah 2001
Be it enacted by the Legislature of the state of Utah:
Section 1. Section 17B-4-504 is amended to read:
17B-4-504. Part of tax increment funds to be used for housing -- Waiver of
requirement.
(1) (a) Except as provided in Subsection (1)(b), each project area budget adopted on or
after May 1, 2000 that provides for more than $100,000 of annual tax increment to be paid to the
agency shall allocate at least 20% of the tax increment for housing as provided in Section
17B-4-1010 .
(b) The 20% requirement of Subsection (1)(a) may be waived:
(i) in part or whole by the mutual consent of the trust fund board and the taxing entity
committee if they determine that 20% of tax increment is more than is needed to address the
community's need for income targeted housing, as defined in Section 17B-4-1010 [.]; or
(ii) in fifth and sixth class counties, by the taxing entity committee for economic
development project area budgets adopted on or after May 1, 2002, if the economic development
project area consists of an area without housing units.
(2) A project area budget not required under Subsection (1)(a) to allocate tax increment
for housing may allocate 20% of tax increment payable to the agency over the life of the project

area for housing as provided in Section 17B-4-1010 if the project area budget is under a project area
plan that is adopted on or after July 1, 1998.

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