§ 63N-3-609 — Property tax increment protections.

(1) Upon petition by a participating taxing entity or on the initiative of the housing and transit reinvestment zone committee creating a housing and transit reinvestment zone or convention center reinvestment zone, a housing and transit reinvestment zone or convention center reinvestment zone may suspend or terminate the collection of property tax increment in a housing and transit reinvestment zone or convention center reinvestment zone if the housing and transit reinvestment zone committee determines, by clear and convincing evidence, presented in a public meeting of the housing and transit reinvestment zone committee, that:
(1)(a) a substantial portion of the property tax increment collected in the housing and transit reinvestment zone or convention center reinvestment zone has not or will not be used for the purposes provided in Section 63N-3-607; and
(1)(b) (1)(b)(i) the housing and transit reinvestment zone or convention center reinvestment zone and related public infrastructure district has no indebtedness secured by funds provided for in this chapter; or
(1)(b)(ii) the housing and transit reinvestment zone or convention center reinvestment zone and related public infrastructure district has no binding financial obligations secured by this chapter.
(2) A housing and transit reinvestment zone or convention center reinvestment zone may not collect property tax increment in excess of the property tax increment projections or limitations set forth in the housing and transit reinvestment zone or convention center reinvestment zone proposal.
(3) The agency administering the property tax increment collected in a housing and transit reinvestment zone under Subsection 63N-3-607(2)(c) or the public infrastructure district administering the property tax increment collected in a convention center reinvestment zone under Subsection 63N-3-607(3)(c), shall have standing in a court with proper jurisdiction to enforce provisions of the housing and transit reinvestment zone or convention center reinvestment zone proposal, participation agreements, and other agreements for the use of the property tax increment collected.
(4) The agency administering property tax increment from a housing and transit reinvestment zone under Subsection 63N-3-607(2)(c) or the public infrastructure district administering the property tax increment collected in a convention center reinvestment zone under Subsection 63N-3-607(3)(c) which is collecting property tax increment shall follow the reporting requirements described in Section 17C-1-603 and the audit requirements described in Sections 17C-1-604 and 17C-1-605.
(5) For each housing and transit reinvestment zone or convention center reinvestment zone collecting tax increment within a county, the county auditor shall follow the reporting requirement found in Section 17C-1-606.

Legislative History

Amended by Chapter 29, 2025 General Session