(1) Upon petition by a participating taxing entity or on the initiative of the housing and transit reinvestment zone committee creating a convention center reinvestment zone, a convention center reinvestment zone may suspend or terminate the collection of property tax increment in a convention center reinvestment zone if the housing and transit reinvestment zone committee determines, by clear and convincing evidence, presented in a public meeting of the housing and transit reinvestment zone committee, that: (a) a substantial portion of the property tax increment collected in the convention center reinvestment zone has not or will not be used for the purposes provided in Section 63N-23-303; and (b) (i) the convention center reinvestment zone and related public infrastructure district has no indebtedness secured by funds provided for in this chapter; or (ii) the convention center reinvestment zone and related public infrastructure district has no binding financial obligations secured by this chapter. (2) A convention center reinvestment zone may not collect property tax increment in excess of the property tax increment projections or limitations set forth in the convention center reinvestment zone proposal. (3) The public infrastructure district administering the property tax increment collected in a convention center reinvestment zone under Section 63N-23-303, shall have standing in a court with proper jurisdiction to enforce provisions of the convention center reinvestment zone proposal, participation agreements, and other agreements for the use of the property tax increment collected. (4) The public infrastructure district administering the property tax increment collected in a convention center reinvestment zone under Section 63N-23-303 that is collecting property tax increment shall follow the reporting requirements described in Section 17C-1-603 and the audit requirements described in Sections 17C-1-604 and 17C-1-605. (5) For each convention center reinvestment zone collecting tax increment within a county, the county auditor shall follow the reporting requirement found in Section 17C-1-606.
‹ 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.