17C-1-406 - Additional tax increment under certain post-June 30, 1993 project area plans.
17C-1-406. Additional tax increment under certain post-June 30, 1993 project areaplans.
(1) This section applies to a post-June 30, 1993 project area plan adopted before May 1,2006.
(2) An agency may, without the approval of the taxing entity committee, elect to be paid100% of annual tax increment for each year beyond the periods specified in Subsection17C-1-404(2) to a maximum of 25 years, including the years the agency is paid tax incrementunder Subsection 17C-1-404(2), if:
(a) for an agency in a city in which is located all or a portion of an interchange on I-15 orthat would directly benefit from an interchange on I-15:
(i) the tax increment paid to the agency during the additional years is used to pay some orall of the cost of the installation, construction, or reconstruction of:
(A) an interchange on I-15, whether or not the interchange is located within a projectarea; or
(B) frontage and other roads connecting to the interchange, as determined by theDepartment of Transportation created under Section 72-1-201 and the TransportationCommission created under Section 72-1-301, whether or not the frontage or other road is locatedwithin a project area; and
(ii) the installation, construction, or reconstruction of the interchange or frontage andother roads has begun on or before June 30, 2002; or
(b) for an agency in a city of the first or second class:
(i) the tax increment paid to the agency during the additional years is used to pay some orall of the cost of the land for and installation and construction of a recreational facility, as definedin Section 59-12-702, or a cultural facility, including parking and infrastructure improvementsrelated to the recreational or cultural facility, whether or not the facility is located within a projectarea; and
(ii) the installation or construction of the recreational or cultural facility has begun on orbefore June 30, 2002.
(3) Notwithstanding any other provision of this section, an agency may use tax incrementreceived under Subsection 17C-1-404(2) for any of the uses indicated in this section.
(4) Notwithstanding Subsection (2), a school district may not, without its consent,receive less tax increment because of application of Subsection (2) than it would have receivedwithout that subsection.
Enacted by Chapter 359, 2006 General Session