17C-2-204 - Consent of taxing entity committee required for urban renewal project area budget -- Exception.
17C-2-204. Consent of taxing entity committee required for urban renewal projectarea budget -- Exception.
(1) (a) Except as provided in Subsection (1)(b) and subject to Subsection (2), eachagency shall obtain the consent of the taxing entity committee for each urban renewal projectarea budget under a post-June 30, 1993 project area plan before the agency may collect any taxincrement from the urban renewal project area.
(b) For an urban renewal project area budget adopted from July 1, 1998 through May 1,2000 that allocates 20% or more of the tax increment for housing as provided in Section17C-1-412, an agency:
(i) need not obtain the consent of the taxing entity committee for the project area budget;and
(ii) may not collect any tax increment from all or part of the project area until after:
(A) the loan fund board has certified the project area budget as complying with therequirements of Section 17C-1-412; and
(B) the agency board has approved and adopted the project area budget by a two-thirdsvote.
(2) (a) Before a taxing entity committee may consent to an urban renewal project areabudget adopted on or after May 1, 2000 that is required under Subsection 17C-2-203(1)(a) toallocate 20% of tax increment for housing, the agency shall:
(i) adopt a housing plan showing the uses for the housing funds; and
(ii) provide a copy of the housing plan to the taxing entity committee and the loan fundboard.
(b) If an agency amends a housing plan prepared under Subsection (2)(a), the agencyshall provide a copy of the amendment to the taxing entity committee and the loan fund board.
Renumbered and Amended by Chapter 359, 2006 General Session