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S.B. 204 Enrolled
This bill modifies the Redevelopment Agencies Act to address the combined incremental
. modifies the definition of "combined incremental value" to exclude areas located
within a federal military installation ordered closed by the Defense Base Realignment
and Closure Commission; and
. makes technical changes.
Monies Appropriated in this Bill:
Other Special Clauses:
Utah Code Sections Affected:
17B-4-503, as enacted by Chapter 133, Laws of Utah 2001
Be it enacted by the Legislature of the state of Utah:
Section 1. Section 17B-4-503 is amended to read:
17B-4-503. Combined incremental value -- Restriction against adopting project
area budget -- Taxing entity committee may waive restriction.
(1) For purposes of this section:
(a) "Adjusted tax increment" means:
(i) for tax increment under a pre-July 1, 1993 project area plan, tax increment under
Section 17B-4-1003 , excluding tax increment under Subsection 17B-4-1003 (3); and
(ii) for tax increment under a post-June 30, 1993 project area plan, tax increment under
Section 17B-4-1004 , excluding tax increment under Subsection 17B-4-1004 (3).
(b) "Combined incremental value" means the combined total of all incremental values
from all project areas, except a military installation project area, within the agency's boundaries
under adopted project area plans and adopted project area budgets at the time that a project area
budget for a new project area is being considered.
(c) "Incremental value" means a figure derived by multiplying the marginal value of the
property located within a project area on which tax increment is collected by a number that
represents the percentage of adjusted tax increment from that project area that is paid to the
(d) "Marginal value" means the difference between actual taxable value and base taxable
(e) "Military installation project area" means a project area or a portion of a project area
located within a federal military installation ordered closed by the federal Defense Base
Realignment and Closure Commission.
assessment roll as certified by the county assessor.
(2) (a) Except as provided in Subsection (2)(b), an agency may not adopt a project area
budget if, at the time the project area budget is being considered, the combined incremental value
for the agency exceeds 10% of the total taxable value of property within the agency's boundaries
in the year that the project area budget is being considered.
(b) A taxing [
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