63M-5-306 - Financial impact statement -- Alleviation plan -- Filing required -- Contents -- Payments credited against tax -- Provisions neither exclusive nor mandatory.
63M-5-306. Financial impact statement -- Alleviation plan -- Filing required --Contents -- Payments credited against tax -- Provisions neither exclusive nor mandatory.
(1) (a) A developer desiring to prepay ad valorem property taxes under Section63M-5-201 shall first prepare and file with the Governor's Office of Economic Development andall units of local government likely to be affected with a significant financial impact due to anatural resource or industrial facility a financial impact statement together with a plan foralleviating these impacts.
(b) The impact statement and the alleviation plan shall be prepared in cooperation withand after consultation with the Governor's Office of Economic Development and the affectedunits of local government.
(c) The financial impact statement shall assess the projected financial impact on stateagencies and units of local government, including the impact on transportation systems, culinarywater systems, waste treatment facilities, public safety, schools, public health, housing, planningand zoning, and general government administration.
(d) The alleviation plan shall set out proposals for alleviating the impact and may includepayments to local units of government or direct expenditures by the developer to alleviate theimpact.
(e) The impact statement and the alleviation plan may be amended by the developer incooperation with and after consultation with the Governor's Office of Economic Developmentand those units of local government affected by the amendment.
(2) At least 90 days prior to commencement of construction of an industrial facility ornatural resources facility by a major developer, an impact statement and alleviation plan asdescribed in Subsection (1) shall be filed by the major developer whether or not the majordeveloper desires to prepay ad valorem property taxes.
(3) (a) Upon the filing of the financial impact statement and alleviation plan, a developermay apply to the governing body of the affected unit of local government for authorization toprepay a portion of the anticipated ad valorem property taxes to be expended consistent with thealleviation plan.
(b) This authorization may provide that only a portion of the amounts so prepaid can beapplied against the ad valorem property taxes due in any given year.
(c) In addition to payments directly to the affected unit of local government, an affectedunit of local government may authorize a tax credit on anticipated ad valorem property taxes forexpenditures made by the developer to other persons so long as the expenditure is consistent withthe alleviation plan.
(4) (a) This chapter is designed to provide an additional mechanism for the alleviation ofimpacts on units of local government and is not intended to discourage the use of othermechanisms as may be available.
(b) Nothing in this chapter requires a developer to prepay ad valorem property taxes or tomake any other expenditure not otherwise required by law.
Renumbered and Amended by Chapter 382, 2008 General Session