§ 24-46-309 — Commencement of development

(1) Substantial work on a
regional tourism project, including but not limited to the financing entity's issuance
of bonds or other debt instruments, the repayment of which is secured by a pledge
of the state sales tax increment revenue or the commencement of actual
development or predevelopment, such as erecting permanent structures,
excavating the ground to lay foundations, mass grading of the site, or work of a
similar description that manifests an intention and purpose to complete the project
shall commence within five years from the date of approval of the project by the
commission.

(2) If substantial work on the regional tourism project toward the goals
specified in the application pursuant to section 24-46-304 does not commence
within five years of approval by the commission, the commission may revoke or
modify its approval of the financing entity or the regional tourism project.
Revocation of approval may be appealed to the commission, which may reinstate its
approval upon a showing of good cause for the delay. Any state sales tax increment
revenue that the regional tourism project has generated from the time of the
original approval for the project may remain dedicated to the project to the extent
that it has been previously expended or pledged by the financing entity for the
financing of eligible costs. If substantial work on the regional tourism project does
not commence within one year of reinstatement of approval from the commission,
the commission shall revoke approval of the project.

(3) If the commission revokes its approval of the financing entity or the
regional tourism project, the commission may require that any state sales tax
increment revenue collected during that period, together with investment income
earned thereon, that was not previously expended or pledged by the financing
entity for the financing of eligible costs shall be refunded to the state treasurer,
and no further moneys shall be remitted by the state.

(4) In evaluating whether substantial work has been commenced for
purposes of administering this section, the commission shall rely on the information
and data supplied in the annual reports submitted pursuant to section 24-46-308.
The commission shall have authority to revoke its approval of a financing entity or a
regional tourism project only pursuant to this section.

Legislative History

Source: L. 2009: Entire part added, (SB 09-173), ch. 434, p. 2414, � 1, effective June 4.