17C-3-201 - Economic development project area budget -- Requirements for adopting -- Contesting the budget or procedure -- Time limit.
17C-3-201. Economic development project area budget -- Requirements foradopting -- Contesting the budget or procedure -- Time limit.
(1) (a) If an agency anticipates funding all or a portion of a post-June 30, 1993 economicdevelopment project area plan with tax increment, the agency shall, subject to Section17C-3-202, adopt a project area budget as provided in this part.
(b) An economic development project area budget adopted on or after March 30, 2009shall specify:
(i) the number of tax years for which the agency will be allowed to receive tax incrementfrom the project area; and
(ii) the percentage of tax increment or maximum cumulative dollar amount of taxincrement the agency is entitled to receive from the project area under the project area budget.
(2) To adopt an economic development project area budget, the agency shall:
(a) prepare a draft of an economic development project area budget;
(b) make a copy of the draft project area budget available to the public at the agency'soffices during normal business hours;
(c) provide notice of the budget hearing as required by Part 4, Economic DevelopmentNotice Requirements;
(d) hold a public hearing on the draft project area budget and, at that public hearing,allow public comment on:
(i) the draft project area budget; and
(ii) whether the draft project area budget should be revised, adopted, or rejected;
(e) (i) if required under Subsection 17C-3-203(1), obtain the approval of the taxing entitycommittee on the draft project area budget or a revised version of the draft project area budget; or
(ii) if applicable, comply with the requirements of Subsection 17C-3-203(2);
(f) if approval of the taxing entity committee is required under Subsection (2)(e)(i),obtain a written certification, signed by an attorney licensed to practice law in this state, statingthat the taxing entity committee followed the appropriate procedures to approve the project areabudget; and
(g) after the budget hearing, hold a board meeting in the same meeting as the publichearing or in a subsequent meeting to:
(i) consider comments made and information presented at the public hearing relating tothe draft project area budget; and
(ii) adopt by resolution the draft project area budget, with any revisions, as the projectarea budget.
(3) (a) For a period of 30 days after the agency's adoption of the project area budgetunder Subsection (2)(g), any person in interest may contest the project area budget or theprocedure used to adopt the project area budget if the budget or procedure fails to comply withapplicable statutory requirements.
(b) After the 30-day period under Subsection (3)(a) expires, a person, for any cause, maynot contest:
(i) the project area budget or procedure used by either the taxing entity committee or theagency to approve and adopt the project area budget;
(ii) a payment to the agency under the project area budget; or
(iii) the agency's use of tax increment under the project area budget.
Amended by Chapter 279, 2010 General Session