17C-1-403 - Tax increment under a pre-July 1, 1993 project area plan.
17C-1-403. Tax increment under a pre-July 1, 1993 project area plan.
(1) This section applies to tax increment under a pre-July 1, 1993 project area plan only.
(2) (a) Beginning with the first tax year after April 1, 1983 for which an agency acceptstax increment, an agency may be paid:
(i) (A) for the first through the fifth tax years, 100% of tax increment;
(B) for the sixth through the tenth tax years, 80% of tax increment;
(C) for the eleventh through the fifteenth tax years, 75% of tax increment;
(D) for the sixteenth through the twentieth tax years, 70% of tax increment; and
(E) for the twenty-first through the twenty-fifth tax years, 60% of tax increment; or
(ii) for an agency that has caused a taxing entity committee to be created underSubsection 17C-1-402(1), any percentage of tax increment up to 100% and for any length of timethat the taxing entity committee approves.
(b) Notwithstanding any other provision of this section:
(i) an agency may be paid 100% of tax increment from a project area for 32 years afterApril 1, 1983 to pay principal and interest on agency indebtedness incurred before April 1, 1983,even though the size of the project area from which tax increment is paid to the agency exceeds100 acres of privately owned property under a project area plan adopted on or before April 1,1983; and
(ii) for up to 32 years after April 1, 1983, an agency debt incurred before April 1, 1983may be refinanced and paid from 100% of tax increment if the principal amount of the debt is notincreased in the refinancing.
(3) (a) For purposes of this Subsection (3), "additional tax increment" means thedifference between 100% of tax increment for a tax year and the amount of tax increment anagency is paid for that tax year under the percentages and time periods specified in Subsection(2)(a).
(b) Notwithstanding the tax increment percentages and time periods in Subsection (2)(a),an agency may be paid additional tax increment for a period ending 32 years after the first taxyear after April 1, 1983 for which the agency receives tax increment from the project area if:
(i) (A) the additional tax increment is used solely to pay all or part of the value of theland for and the cost of the installation and construction of a publicly or privately ownedconvention center or sports complex or any building, facility, structure, or other improvementrelated to the convention center or sports complex, including parking and infrastructureimprovements;
(B) construction of the convention center or sports complex or related building, facility,structure, or other improvement is commenced on or before June 30, 2002;
(C) the additional tax increment is pledged to pay all or part of the value of the land forand the cost of the installation and construction of the convention center or sports complex orrelated building, facility, structure, or other improvement; and
(D) the agency board and the community legislative body have determined by resolutionthat the convention center or sports complex is:
(I) within and a benefit to a project area;
(II) not within but still a benefit to a project area; or
(III) within a project area in which substantially all of the land is publicly owned and abenefit to the community; or
(ii) (A) the additional tax increment is used to pay some or all of the cost of the land for
and installation and construction of a recreational facility, as defined in Section 59-12-702, or acultural facility, including parking and infrastructure improvements related to the recreational orcultural facility, whether or not the facility is located within a project area;
(B) construction of the recreational or cultural facility is commenced on or beforeDecember 31, 2005; and
(C) the additional tax increment is pledged on or before July 1, 2005, to pay all or part ofthe cost of the land for and the installation and construction of the recreational or cultural facility,including parking and infrastructure improvements related to the recreational or cultural facility.
(c) Notwithstanding Subsection (3)(b)(ii), a school district may not, without its consent,be paid less tax increment because of application of Subsection (3)(b)(ii) than it would have beenpaid without that subsection.
(4) Notwithstanding any other provision of this section, an agency may use tax incrementreceived under Subsection (2) for any of the uses indicated in Subsection (3).
Renumbered and Amended by Chapter 359, 2006 General Session