11-70-506. Project area budget.

216 words·~1 min read·/ut/title-11/chapter-70/11-70-506

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

Effective 5/1/2024

(1)Before the fairpark district may use the enhanced property tax revenue 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 enhanced property tax revenue expected to be generated within the project area;

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

(i)land acquisition;

(ii)public infrastructure and improvements; and

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

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

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

(f)for property that the fairpark district owns or leases and expects to sell or sublease, the expected total cost of the property to the fairpark district 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.

Enacted by Chapter 419 , 2024 General Session