17C-5-113. Expedited community reinvestment project area plan -- Hearing and notice requirements.

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

Effective 5/3/2023

(1)As used in this section:

(a)"Qualified business entity" means a business entity that:

(i)has a primary market for the qualified business entity's goods or services outside of the state; and

(ii)is not primarily engaged in retail sales.

(b)"Tax increment incentive" means the portion of an agency's tax increment that is paid to a qualified business entity for the purpose of implementing a community reinvestment project area plan.

(2)An agency and a qualified business entity may, in accordance with Subsection

(3), enter into an agreement that allows the qualified business entity to receive a tax increment incentive.

(3)An agreement described in Subsection

(2)shall set annual postperformance targets for:

(a)capital investment within the community reinvestment project area;

(b)the number of new jobs created within the community reinvestment project area;

(c)the average wage of the jobs described in Subsection (3)(b) that is at least 110% of the prevailing wage of the county within which the community reinvestment project area is located; and

(d)the amount of local vendor opportunity generated by the qualified business entity.

(4)A qualified business entity may only receive a tax increment incentive:

(a)if the qualified business entity complies with the agreement described in Subsection

(3);

(b)on a postperformance basis; and

(c)on an annual basis after the agency receives tax increment from a taxing entity.

(5)An agency may create or amend a community reinvestment project area plan for the purpose of providing a tax increment incentive without complying with the requirements described in Chapter 1, Part 8, Hearing and Notice Requirements , if:

(a)the agency:

(i)holds a public hearing to consider the need to create or amend a community reinvestment project area plan on an expedited basis;

(ii)publishes notice for the community, as a class A notice under Section 63G-30-102 , for at least 14 days before the day on which the public hearing described in Subsection (5)(a)(i) is held; and

(iii)at the hearing described in Subsection (5)(a)(i) , adopts a resolution to create or amend the community reinvestment project area plan on an expedited basis;

(b)all record property owners within the existing or proposed community reinvestment project area plan give written consent; and

(c)each taxing entity affected by the tax increment incentive consents and enters into an interlocal agreement with the agency authorizing the agency to pay a tax increment incentive to the qualified business entity.

Amended by Chapter 435 , 2023 General Session