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Current as of January 01, 2025 | Updated by Findlaw Staff
(1) This section applies to tax increment under a project area plan adopted on or after May 1, 2006, and before May 10, 2016.
(2) Subject to the approval of the taxing entity committee, a board may provide in the urban renewal or economic development project area budget for the agency to be paid:
(a) for an urban renewal project area plan that proposes development of an inactive industrial site or inactive airport site, at least 60% of tax increment for at least 20 years; or
(b) for each other project, any percentage of tax increment up to 100% or any specified dollar amount of tax increment for any period of time.
(3) A resolution or interlocal agreement relating to an agency's use of tax increment for a community development project area plan may provide for the agency to be paid any percentage of tax increment up to 100% or any specified dollar amount of tax increment for any period of time.
Cite this article: FindLaw.com - Utah Code Title 17C. Limited Purpose Local Government Entities--Community Development and Renewal Agencies Act § 17C-1-405. Tax increment under a project area plan adopted on or after May 1, 2006 - last updated January 01, 2025 | https://codes.findlaw.com/ut/title-17c-limited-purpose-local-government-entities-community-development-and-renewal-agencies-act/ut-code-sect-17c-1-405/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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