10-8-1.7 - Use of incremental tax revenue for relocation expenses of displaced mobile home park residents.
10-8-1.7. Use of incremental tax revenue for relocation expenses of displacedmobile home park residents.
(1) As used in this section:
(a) "Displaced mobile home park resident" means a resident within a mobile home parkwho is required to relocate his or her residence from the mobile home park because ofdevelopment activities that will change the use of the property on which the mobile home park islocated.
(b) "Former mobile home park property" means property on which a mobile home parkwas located but whose use has changed from a mobile home park because of developmentactivities that require mobile home park residents to relocate.
(c) "Incremental tax revenue" means property tax revenue that:
(i) is generated from a former mobile home park property located within a municipality;
(ii) exceeds the amount of property tax revenue the former mobile home park propertywould have generated if its use had not changed from a mobile home park; and
(iii) is levied and collected by:
(A) the municipality in which the former mobile home park property is located; or
(B) another taxing entity.
(d) "Taxing entity" has the same meaning as defined in Section 59-2-102.
(2) A municipality may use incremental tax revenue to pay some or all of the relocationexpenses of a displaced mobile home park resident.
(3) Any taxing entity may share some or all of its incremental tax revenue with amunicipality for use as provided in Subsection (2).
Enacted by Chapter 98, 2009 General Session