§ 63N-3-1712 — Applicability to an existing project.

(1) If a major sporting event venue zone overlaps an area that is part of a project area, as that term is defined in Section 17C-1-102, and created under Title 17C, Chapter 1, Agency Operations, that parcel may not be triggered for collection unless the project area funds collection period, as that term is defined in Section 17C-1-102, has expired.
(2) If a major sporting event venue zone overlaps any portion of an existing inactive industrial site community reinvestment project area plan created pursuant to Title 17C, Limited Purpose Local Government Entities - Community Reinvestment Agency Act:
(2)(a) if the community reinvestment project area plan captures less than 80% of the property tax increment from a taxing entity, or if a taxing entity is not participating in the community reinvestment project area plan, the major sporting event venue zone may capture the difference between:
(2)(a)(i) 80%; and
(2)(a)(ii) the percentage of property tax increment captured pursuant to the community reinvestment project area plan; and
(2)(b) if a community reinvestment project area plan expires before the major sporting event venue zone, the major sporting event venue zone may capture the property tax increment allocated to the community reinvestment project area plan for any remaining portion of the term of the major sporting event venue zone.
(3) (3)(a) Except as provided in Subsection (3)(b), a major sporting event venue zone may not overlap a housing and transit reinvestment zone or a first home investment zone.
(3)(b) A major sporting event venue zone may overlap a housing and transit reinvestment zone or a first home investment zone if:
(3)(b)(i) (3)(b)(i)(A) the major sporting event venue zone does not collect property tax increment for the area overlapping with the housing and transit reinvestment zone or the first home investment zone; or
(3)(b)(i)(B) the major sporting event venue zone does not collect property tax increment for the area overlapping with the housing and transit reinvestment zone or the first home investment zone until the collection period for the housing and transit reinvestment zone's collection of property tax increment or the first home investment zone's collection of property tax increment has ended; and
(3)(b)(ii) (3)(b)(ii)(A) the major sporting event venue zone does not collect sales and use tax increment for the area overlapping with the housing and transit reinvestment zone or first home investment zone, if the housing and transit reinvestment zone or the first home investment zone collects sales and use tax increment; or
(3)(b)(ii)(B) the major sporting event venue zone does not collect local sales and use tax increment for the area overlapping with the housing and transit reinvestment zone or the first home investment zone until the collection period for the housing and transit reinvestment zone's collection of sales and use tax increment or the first home investment zone's collection of sales and use tax increment has ended.

Legislative History

Enacted by Chapter 495, 2025 General Session