17C-3-206. Extending collection of tax increment under an economic development project area budget.

388 words·~2 min read·/ut/title-17c/chapter-3/17c-3-206

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

Effective 5/5/2021

(1)An amendment or extension approved by a taxing entity or taxing entity committee before May 10, 2011, is not subject to this section.

(a)Except as provided in Section 17C-1-1002 , an agency's collection of tax increment under an adopted economic development project area budget may be extended by:

(i)following the project area budget amendment procedures outlined in Section 17C-3-205 ; or

(ii)following the procedures outlined in this section.

(b)The base taxable value for an urban renewal project area budget may not be altered as a result of an extension under this section unless otherwise expressly provided for in an interlocal agreement adopted in accordance with Subsection (3)(a) .

(3)To extend under this section the agency's collection of tax increment from a taxing entity under a previously approved project area budget, the agency shall:

(a)obtain the approval of the taxing entity through an interlocal agreement;

(i)hold a public hearing on the proposed extension in accordance with Subsection 17C-2-201(2)(d) in the same manner as required for a proposed project area budget; and

(ii)provide notice of the hearing:

(A)as required by Chapter 1, Part 8, Hearing and Notice Requirements ; and

(B)including the proposed period of extension of the project area budget; and

(c)after obtaining the approval of the taxing entity in accordance with Subsection (3)(a) , at or after the public hearing, adopt a resolution approving the extension.

(4)After the expiration of a project area budget, an agency may continue to receive tax increment from those taxing entities that have agreed to an extension through an interlocal agreement in accordance with Subsection (3)(a) .

(a)A person may contest the agency's adoption of a budget extension within 30 days after the day on which the agency adopts the resolution providing for the extension.

(b)A person that fails to contest a budget extension under Subsection (5)(a) :

(i)shall forfeit any claim against the agency's adoption of the extension; and

(ii)may not contest:

(A)a distribution of tax increment to the agency under the budget, as extended; or

(B)an agency's use of tax increment under the budget, as extended.

Amended by Chapter 214 , 2021 General Session