As used in this chapter: (1) "Base taxable value" means the taxable value of land within the fairpark district boundary as of January 1, 2024, as determined under Subsection 11-70-206(9). (2) "Board" means the fairpark district's governing body, created in Section 11-70-301. (3) "Designated parcel" means a parcel of land specified in a designation resolution. (4) "Designation resolution" means a resolution adopted by the board that designates a transition date for the parcel specified in the resolution. (5) "Development" means: (a) the demolition, construction, reconstruction, modification, expansion, or improvement of a building, utility, infrastructure, landscape, parking lot, park, trail, recreational amenity, or other facility, including public infrastructure and improvements; and (b) the planning of, arranging for, or participation in any of the activities listed in Subsection (5) (a). (6) "Development project" means a project for the development of land within a project area. (7) "District sales tax area" means an area described in and established as provided in Subsection 11-70-206(10). (8) "Enhanced property tax revenue": (a) means the amount of money that is equal to the difference between: (i) the amount of property tax revenues generated in a tax year by all taxing entities from privately owned land, using the current assessed value of the property; and (ii) the amount of property tax revenues that would be generated in the same tax year by all taxing entities from that same area using the base taxable value of the property; and (b) does not include property tax revenue from: (i) a county additional property tax or multicounty assessing and collecting levy imposed in accordance with Section 59-2-1602; (ii) a judgment levy imposed by a taxing entity under Section 59-2-1328 or 59-2-1330; or (iii) a levy imposed by a taxing entity under Section 11-14-310 to pay for a general obligation bond. (9) "Facilities division" means the Division of Facilities Construction and Management, created in Section 63A-5b-301. (10) "Fair park authority" means the State Fair Park Authority created in Section 11-68-201. (11) "Fairpark district" means the Utah Fairpark Area Investment and Restoration District, created in Section 11-70-201. (12) "Fairpark district boundary" means a line or set of lines that: (a) defines the geographic boundary of the fairpark district, consisting of the interior space within each polygon described by the line or set of lines; and (b) is delineated in the electronic shapefile that is the electronic component of H.B. 562, Utah Fairpark Area Investment and Restoration District, 2024 General Session. (13) "Fairpark district funds" means money the fairpark district receives from any source, including money the fairpark district receives under: (a) Sections 10-1-304 and 11-70-205; (b) Section 10-1-403; (c) Section 11-70-203; (d) Section 11-70-204; (e) Section 51-9-902; (f) Section 59-12-103; (g) Sections 59-12-352 and 59-12-354; (h) Section 59-12-401; (i) Section 59-12-402.5; (j) Section 59-12-402; and (k) Section 59-12-1201. (14) "Fair park land" means the same as that term is defined in Section 11-68-101. (15) "Franchise agreement" means a legally binding and valid agreement under which: (a) a franchise is confirmed for a major league sports team that before January 1, 2024, had not been located in the state; and (b) the major league sports team agrees to play home games in a stadium to be constructed within the fairpark district boundary. (16) "Franchise agreement date" means the date that a franchise agreement is fully executed and in effect. (17) "Host municipality" means the municipality whose boundary includes the land within the fairpark district boundary. (18) (a) "Major league sports team" means a team: (i) consisting of professional athletes; (ii) that is part of a professional sports league; and (iii) that is engaged in the business of presenting live sporting events before primarily a paying audience. (b) "Major league sports team" does not include a team organized and operated by an institution of higher education listed in Section 53H-1-102. (19) "Other state land" means: (a) land within the fairpark district boundary, other than fair park land, that is owned by the state on January 1, 2024; and (b) except for land acquired under Subsection 11-70-502(3)(a)(ii), land within the fairpark district boundary that is acquired by the fairpark district or the state on or after May 1, 2024. (20) "Payment period" means a period of up to 35 years, as specified in a designation resolution, beginning on the transition date, during which enhanced property tax revenue under Section
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