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Utah Code Title 63N. Economic Opportunity Act § 63N-3-1403. Allowable uses of funds

Current as of January 01, 2025 | Updated by Findlaw Staff

(1) A local government shall use any funds or revenue provided under Section 59-12-402.5 within and for the direct benefit of the project area, and subject to the requirements of this section.

(2) In addition to the requirements of Subsection (1), the allowable uses for the funds and revenue collected as authorized under this part are:

(a) costs for, including debt service or the costs of bonds issued by the local government or state:

(i) paid to or for the benefit of a project participant for the construction or remodel of a qualified stadium within the project area in accordance with Title 17C, Chapter 1, Part 5, Agency Bonds, including the cost to issue and repay bonds and interest; and

(ii) the construction, demolition, modification, or realignment of infrastructure or structures within the project area for the purpose of:

(A) complementing a qualified stadium and its associated uses, including entertainment and recreational uses on land within the project area; and

(B) improvement, demolition, modification, realignment, or restoration of areas within the project area for pedestrian and traffic flow, and for aesthetic, entertainment, recreational, and safety purposes;

(b) infrastructure and roads, including state roads, within the project area;

(c) traffic mitigation costs within the project area;

(d) law enforcement or public security needs within the project area; and

(e) costs of the local government to create a project area or participation agreement and to administer the funds, which cost may not exceed 1% of the tax revenue collected under Section 59-12-402.5.

(3)(a) The amount of funds and revenue used for, or for the benefit of, the project participant shall be limited to a maximum dollar amount that shall be explicitly stated in the participation agreement.

(b) A project participant may not receive the benefit of funds or revenue in an amount greater than the maximum dollar amount referred to in Subsection (3)(a).

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Cite this article: FindLaw.com - Utah Code Title 63N. Economic Opportunity Act § 63N-3-1403. Allowable uses of funds - last updated January 01, 2025 | https://codes.findlaw.com/ut/title-63n-economic-opportunity-act/ut-code-sect-63n-3-1403/

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