reinvestment zone. (1) In accordance with this part, a municipality or a public infrastructure district may receive and use property tax increment and convention center reinvestment zone funds for a convention center reinvestment zone that is not within a capital city. (2) (a) A county that collects property tax on property located within a convention center reinvestment zone shall, in accordance with Section 59-2-1365, distribute to the relevant public infrastructure district created by the eligible municipality any property tax increment the public infrastructure district is authorized to receive up to the amounts approved by the housing and transit reinvestment zone committee. (b) Property tax increment distributed to a public infrastructure district in accordance with Subsection (2)(a) is not revenue of the taxing entity or municipality. (c) Property tax increment paid to the public infrastructure district are convention center reinvestment zone funds and shall be administered by the public infrastructure district within which the convention center reinvestment zone is located. (3) (a) A public infrastructure district shall use convention center reinvestment zone funds within, or for the benefit of the convention center reinvestment zone. (b) If any housing and transit reinvestment zone funds will be used outside of the housing and transit reinvestment zone, there shall be a finding in the approved proposal for a housing and transit reinvestment zone that the use of the housing and transit reinvestment zone funds outside of the housing and transit reinvestment zone will directly benefit the housing and transit reinvestment zone. (4) A public infrastructure district shall use convention center reinvestment zone funds to achieve the purposes described in Section 63N-23-301. (5) Convention center reinvestment zone funds may be used to pay all of the costs of debt incurred by the public infrastructure district, including the cost to issue and repay the debt including interest.
‹ Prev All Utah sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.