Utah § 63N-3-608 Applicability to an existing community reinvestment project.

Utah Statutes

§ 63N-3-608 — Applicability to an existing community reinvestment project.

Utah·Title 63N Economic Opportunity Act·Ch. 63N-3 Economic Development Programs·Part 63N-3-6 Housing and Transit Reinvestment Zone Act

(1)For a housing and transit reinvestment zone created under this part that overlaps any portion of an existing inactive industrial site community reinvestment project area plan created in accordance with Title 17C, Limited Purpose Local Government Entities - Community Reinvestment Agency Act:

(1)(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 housing and transit reinvestment zone may capture the difference between:

(1)(a)(i) 80%; and

(1)(a)(ii) the percentage of property tax increment captured pursuant to the community reinvestment project area plan; and

(1)(b) if a community reinvestment project area plan expires b

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(1) For a housing and transit reinvestment zone created under this part that overlaps any portion of an existing inactive industrial site community reinvestment project area plan created in accordance with Title 17C, Limited Purpose Local Government Entities - Community Reinvestment Agency Act:
(1)(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 housing and transit reinvestment zone may capture the difference between:
(1)(a)(i) 80%; and
(1)(a)(ii) the percentage of property tax increment captured pursuant to the community reinvestment project area plan; and
(1)(b) if a community reinvestment project area plan expires before the housing and transit reinvestment zone, the housing and transit reinvestment zone may capture the property tax increment allocated to the community reinvestment project area plan for any remaining portion of the term of the housing and transit reinvestment zone and the base year shall be updated in accordance with Subsection 63N-3-602(4).
(2) For a convention center reinvestment zone created under this part that overlaps any portion of an existing community reinvestment project area created in accordance with Title 17C, Limited Purpose Local Government Entities - Community Reinvestment Agency Act:
(2)(a) if the community reinvestment project area captures less than 100% of the property tax increment from a taxing entity, or if a taxing entity is not participating in the community reinvestment project area, the convention center reinvestment zone may capture the difference between:
(2)(a)(i) 100%; and
(2)(a)(ii) the percentage of property tax increment captured pursuant to the community reinvestment project area for each taxing entity; and
(2)(b) if a community reinvestment project area plan expires before the convention center reinvestment zone, the convention center reinvestment zone may capture the property tax increment allocated to the community reinvestment project area for any remaining portion of the term of the convention center reinvestment zone with the base year relating back to the base year established by the community reinvestment project area.

Utah § 63N-3-608 (Applicability to an existing community reinvestment project.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.