(1)Subject to the requirements of Sections 10-21-502 and 10-21-503, a municipality may create a home ownership promotion zone as described in this section.
(2)A home ownership promotion zone created under this section:
(2)(a) is an area of 10 contiguous acres or less located entirely within the boundaries of the municipality, zoned for fewer than six housing units per acre before the creation of the home ownership promotion zone;
(2)(b) shall be re-zoned for at least six housing units per acre; and
(2)(c) may not be encumbered by any residential building permits as of the day on which the home ownership promotion zone is created.
(3)(3)(a) The municipality shall designate the home ownership promotion zone by resolution of the legislative body of the municipality, passed or adopted in a
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(1) Subject to the requirements of Sections 10-21-502 and 10-21-503, a municipality may create a home ownership promotion zone as described in this section.
(2) A home ownership promotion zone created under this section:
(2)(a) is an area of 10 contiguous acres or less located entirely within the boundaries of the municipality, zoned for fewer than six housing units per acre before the creation of the home ownership promotion zone;
(2)(b) shall be re-zoned for at least six housing units per acre; and
(2)(c) may not be encumbered by any residential building permits as of the day on which the home ownership promotion zone is created.
(3) (3)(a) The municipality shall designate the home ownership promotion zone by resolution of the legislative body of the municipality, passed or adopted in a public meeting of the legislative body of the municipality, following:
(3)(a)(i) the recommendation of the municipality planning commission; and
(3)(a)(ii) the notification requirements described in Section 10-21-503.
(3)(b) The resolution described in Subsection (3)(a) shall describe how the home ownership promotion zone created in accordance with this section meets the objectives and requirements in Section 10-21-502.
(3)(c) The home ownership promotion zone is created on the effective date of the resolution described in Subsection (3)(a).
(4) If a home ownership promotion zone is created as described in this section:
(4)(a) affected local taxing entities are required to participate according to the requirements of the home ownership promotion zone established by the municipality; and
(4)(b) each affected taxing entity is required to participate at the same rate.
(5) A home ownership promotion zone may be modified by the same manner it is created as described in Subsection (3).
(6) Within 30 days after the day on which the municipality creates the home ownership promotion zone as described in Subsection (3), the municipality shall:
(6)(a) record with the recorder of the county in which the home ownership promotion zone is located a document containing:
(6)(a)(i) a description of the land within the home ownership promotion zone; and
(6)(a)(ii) the date of creation of the home ownership promotion zone;
(6)(b) transmit a copy of the description of the land within the home ownership promotion zone and an accurate map or plat indicating the boundaries of the home ownership promotion zone to the Utah Geospatial Resource Center created under Section 63A-16-505; and
(6)(c) transmit a map and description of the land within the home ownership promotion zone to:
(6)(c)(i) the auditor, recorder, attorney, surveyor, and assessor of the county in which any part of the home ownership promotion zone is located;
(6)(c)(ii) the officer or officers performing the function of auditor or assessor for each taxing entity that does not use the county assessment roll or collect the taxing entity's taxes through the county;
(6)(c)(iii) the legislative body or governing board of each taxing entity impacted by the home ownership promotion zone;
(6)(c)(iv) the tax commission; and
(6)(c)(v) the State Board of Education.
(7) A municipality may receive tax increment and use home ownership promotion zone funds as described in Section 10-21-504.