11-58-505. Project area budget.

251 words·~1 min read·/ut/title-11/chapter-58/11-58-505·

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Effective 3/14/2023

(1)Before the authority may use the property tax differential from a project area, the board shall prepare and adopt a project area budget.

(2)A project area budget shall include:

(a)the base taxable value of property in the project area;

(b)the projected property tax differential expected to be generated within the project area;

(c)the amount of the property tax differential expected to be used to implement the project area plan, including the estimated amount of the property tax differential to be used for:

(i)land acquisition;

(ii)public infrastructure and improvements;

(iii)a remediation project, if applicable; and

(iv)loans, grants, or other incentives to private and public entities;

(d)the property tax differential expected to be used to cover the cost of administering the project area plan;

(e)the amount of property tax differential expected to be shared with other taxing entities; and

(f)for property that the authority owns or leases and expects to sell or sublease, the expected total cost of the property to the authority and the expected selling price or lease payments.

(3)The board may amend an adopted project area budget as and when the board considers it appropriate.

(4)For a project area that consists of the authority jurisdictional land, the budget requirements of this part are met by the authority complying with the budget requirements of Part 8, Port Authority Budget, Reporting, and Audits .

Amended by Chapter 259 , 2023 General Session