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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:
18 Other Special Clauses:
20 Utah Code Sections Affected:
22 17B-4-503, as enacted by Chapter 133, Laws of Utah 2001
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
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.
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 [
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.