63N-23-301. Applicability, requirements, and limitations on a convention center reinvestment zone.

503 words·~2 min read·/ut/title-63n/chapter-23/63n-23-301

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Effective 5/6/2026

(1)A convention center reinvestment zone proposal created under this part shall demonstrate how the proposal addresses the following objectives:

(a)redevelopment of a convention center and the surrounding area's infrastructure and assets;

(b)activation of unrealized economic opportunities related to the convention center and surrounding infrastructure and assets;

(c)modernization of infrastructure and design of the convention center and surrounding area and related public spaces;

(d)encouragement of transformative development and investment, including parking improvements;

(e)promotion of economic development and employment opportunities;

(f)improvement of the aesthetic, functionality, and walkability of the convention center and surrounding area;

(g)enhancement of tourism opportunities; and

(h)creation of outdoor event space to accommodate events or festivals open to the public.

(2)The Governor's Office of Economic Development shall propose a convention center reinvestment zone to accomplish the objectives described in Subsection

(1).

(a)A convention center reinvestment zone proposal may propose the capture of 100% of the property tax increment and 100% of the sales and use tax increment described in Subsection 63N-23-101(40)(b)(ii) for a period of 30 years.

(b)The convention center reinvestment zone proposal shall include the respective start date and base year date from which to calculate:

(i)the 30-year period of property tax increment; and

(ii)the 30-year period of the sales and use tax increment.

(c)The convention center reinvestment zone proposal may not stagger the collection periods for the parcels within the convention center reinvestment zone boundary and the parcels within the convention center reinvestment zone boundary shall have the same 30-year collection period.

(d)The convention center reinvestment zone proposal start date for the 30-year period described in this Subsection (3), shall be no sooner than January 1 of the year of the identified tax collection year.

(e)For a convention center reinvestment zone, revenue from the property tax increment and sales and use tax increment may be distributed directly to the municipality or public infrastructure district as described in the convention center reinvestment zone proposal.

(4)The Governor's Office of Economic Development may only propose a convention center reinvestment zone:

(a)within the boundary of the eligible municipality;

(b)consisting of a total area:

(i)not to exceed 50 acres; or

(ii)if greater than 50 acres, approved by the relevant eligible municipality; and

(c)consisting only of contiguous parcels.

(5)The Governor's Office of Economic Development shall propose a convention center reinvestment zone within 60 days after receiving a petition from the relevant city.

(6)A convention center reinvestment zone does not count toward the maximum of eight housing and transit reinvestment zones in a given county as provided in Subsection 63N-23-201(7)(a) .

(7)A municipality or public infrastructure district that intends to receive or receives tax increment, as defined in Section 59-36-101 , shall comply with the requirements described in Title 59, Chapter 36, Tax Increment Financing Reporting.

Renumbered and Amended by Chapter 94 , 2026 General Session