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S.B. 204

             1     

REDEVELOPMENT AGENCY CHANGES

             2     
2004 GENERAL SESSION

             3     
STATE OF UTAH

             4     
Sponsor: David L. Thomas

             5     
             6      LONG TITLE
             7      General Description:
             8          This bill modifies the Redevelopment Agencies Act to address the combined
             9      incremental value.
             10      Highlighted Provisions:
             11          This bill:
             12          .    modifies the definition of "combined incremental value" to exclude areas located
             13      within a federal military installation ordered closed by the Defense Base
             14      Realignment and Closure Commission; and
             15          .    makes technical changes.
             16      Monies Appropriated in this Bill:
             17          None
             18      Other Special Clauses:
             19          None
             20      Utah Code Sections Affected:
             21      AMENDS:
             22          17B-4-503, as enacted by Chapter 133, Laws of Utah 2001
             23     
             24      Be it enacted by the Legislature of the state of Utah:
             25          Section 1. Section 17B-4-503 is amended to read:
             26           17B-4-503. Combined incremental value -- Restriction against adopting project
             27      area budget -- Taxing entity committee may waive restriction.


             28          (1) For purposes of this section:
             29          (a) "Adjusted tax increment" means:
             30          (i) for tax increment under a pre-July 1, 1993 project area plan, tax increment under
             31      Section 17B-4-1003 , excluding tax increment under Subsection 17B-4-1003 (3); and
             32          (ii) for tax increment under a post-June 30, 1993 project area plan, tax increment under
             33      Section 17B-4-1004 , excluding tax increment under Subsection 17B-4-1004 (3).
             34          (b) "Combined incremental value" means the combined total of all incremental values
             35      from all project areas, except a military installation project area, within the agency's boundaries
             36      under adopted project area plans and adopted project area budgets at the time that a project area
             37      budget for a new project area is being considered.
             38          (c) "Incremental value" means a figure derived by multiplying the marginal value of
             39      the property located within a project area on which tax increment is collected by a number that
             40      represents the percentage of adjusted tax increment from that project area that is paid to the
             41      agency.
             42          (d) "Marginal value" means the difference between actual taxable value and base
             43      taxable value.
             44          (e) "Military installation project area" means a project area or a portion of a project
             45      area located within a federal military installation ordered closed by the federal Defense Base
             46      Realignment and Closure Commission.
             47          [(e)] (f) "Taxable value" means the value of property as shown on the last equalized
             48      assessment roll as certified by the county assessor.
             49          (2) (a) Except as provided in Subsection (2)(b), an agency may not adopt a project area
             50      budget if, at the time the project area budget is being considered, the combined incremental
             51      value for the agency exceeds 10% of the total taxable value of property within the agency's
             52      boundaries in the year that the project area budget is being considered.
             53          (b) A taxing [agency] entity committee may waive the restrictions imposed by
             54      Subsection (2)(a).





Legislative Review Note
    as of 2-5-04 11:25 AM


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

Office of Legislative Research and General Counsel


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