§ 11-70-401 — Enhanced property tax revenue to be paid to fairpark district.

(1) Subject to Subsection (5), the fairpark district shall be paid 90% of enhanced property tax revenue generated from each parcel of privately owned land within the fairpark district boundary:
(1)(a) beginning the tax year that begins on January 1, 2025; and
(1)(b) until the transition date for that parcel.
(2) Subject to Subsection (5), during the payment period the fairpark district shall be paid up to 100% of enhanced property tax revenue:
(2)(a) generated from designated parcels of privately owned land within a project area; and
(2)(b) as the board specifies in a designation resolution adopted in consultation with a qualified owner.
(3) For purposes of the payment of enhanced property tax revenue under this section, a payment period shall begin, as specified in the designation resolution, on January 1 of a year that begins after the designation resolution is adopted.
(4) (4)(a) For purposes of this section, the fairpark district may designate an improved portion of a parcel in a project area as a separate parcel.
(4)(b) A fairpark district designation of an improved portion of a parcel as a separate parcel under Subsection (4)(a) does not constitute a subdivision, as defined in Section 10-20-102 or Section 17-79-102.
(4)(c) A county recorder shall assign a separate tax identification number to the improved portion of a parcel designated by the fairpark district as a separate parcel under Subsection (4)(a).
(5) A host municipality shall be paid a minimum of 25% of the enhanced property tax revenue generated by a property tax imposed by the host municipality to reimburse the host municipality for services the host municipality provides to a project area in accordance with Subsection 11-70-206(6)(c), with the exact amount determined in an agreement between the host municipality and the fairpark district.

Legislative History

Amended by Chapter 16, 2025 Special Session 1