17C-3-103. Economic development project area plan requirements.
483 words·~2 min read·
/ut/title-17c/chapter-3/17c-3-103A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Effective 7/1/2023
17C-3-103. Economic development project area plan requirements.
(1)Each economic development project area plan and proposed project area plan shall:
(a)describe the boundaries of the project area, subject to Section 17C-1-414 , if applicable;
(b)contain a general statement of the land uses, layout of principal streets, population densities, and building intensities of the project area and how they will be affected by the project area development;
(c)state the standards that will guide the project area development;
(d)show how the purposes of this title will be attained by the project area development;
(e)be consistent with the general plan of the community in which the project area is located and show that the project area development will conform to the community's general plan;
(f)describe how the project area development will create additional jobs;
(g)describe any specific project or projects that are the object of the proposed project area development;
(h)identify how a participant will be selected to undertake the project area development and identify each participant currently involved in the project area development;
(i)state the reasons for the selection of the project area;
(j)describe the physical, social, and economic conditions existing in the project area;
(k)describe any tax incentives offered private entities for facilities located in the project area;
(l)include an analysis, as provided in Subsection
(2), of whether adoption of the project area plan is beneficial under a benefit analysis;
(m)if any of the existing buildings or uses in the project area are included in or eligible for inclusion in the National Register of Historic Places or the State Register, state that the agency shall comply with Subsection 9-8a-404(1) as though the agency were a state agency; and
(n)include other information that the agency determines to be necessary or advisable.
(2)Each analysis under Subsection (1)(l) shall consider:
(a)the benefit of any financial assistance or other public subsidy proposed to be provided by the agency, including:
(i)an evaluation of the reasonableness of the costs of project area development;
(ii)efforts the agency or participant has made or will make to maximize private investment;
(iii)the rationale for use of tax increment, including an analysis of whether the proposed project area development might reasonably be expected to occur in the foreseeable future solely through private investment; and
(iv)an estimate of the total amount of tax increment that will be expended in undertaking project area development and the length of time for which it will be expended; and
(b)the anticipated public benefit to be derived from the project area development, including:
(i)the beneficial influences upon the tax base of the community;
(ii)the associated business and economic activity likely to be stimulated; and
(iii)the number of jobs or employment anticipated to be generated or preserved.
Amended by Chapter 160 , 2023 General Session