zone in a capital city. (1) A convention center reinvestment zone in a capital city proposal created under this part shall demonstrate how the proposal addresses the following objectives: (a) redevelopment of a convention center and the surrounding area's infrastructure and assets; (b) activation of unrealized economic opportunities related to the convention center and surrounding infrastructure and assets; (c) modernization of infrastructure and design of the convention center and surrounding area and related public spaces; (d) encouragement of transformative development and investment, including parking improvements; (e) promotion of economic development and employment opportunities; (f) improvement of the aesthetic, functionality, and walkability of the convention center and surrounding area; (g) enhancement of tourism opportunities; and (h) creation of an outdoor event space to accommodate events or festivals open to the public. (2) A convention center reinvestment zone in a capital city proposal created under this part shall also demonstrate how the proposal addresses the following objectives: (a) redevelopment of a convention center and surrounding infrastructure and assets that directly serve the convention center, including parking facilities; (b) modernization of infrastructure and design of the convention center; and (c) improvement of the aesthetic, functionality, and walkability of the convention center. (3) The Governor's Office of Economic Development shall propose a convention center reinvestment zone in a capital city to accomplish the objectives described in Subsections (1) and (2). (4) (a) A convention center reinvestment zone in a capital city proposal may propose the capture of 100% of the property tax increment and 100% of the sales and use tax increment described in Subsection 63N-23-101(40)(b)(ii) for a period of 30 years. (b) In addition to the proposed capture of property tax increment and sales and use tax increment described in Subsection (4)(a), the convention center reinvestment zone in a capital city may propose the capture of 50% of the sales and use tax increment described in Subsection 63N-23-101(40)(b)(i). (c) The convention center reinvestment zone in a capital city proposal shall include the respective start date and base year date from which to calculate: (i) the 30-year period of property tax increment; and (ii) the 30-year period of the sales and use tax increment. (d) The convention center reinvestment zone in a capital city proposal may not stagger the collection periods for the parcels within the convention center reinvestment zone boundary and the parcels within the convention center reinvestment zone boundary shall have the same 30-year collection period. (e) The convention center reinvestment zone in a capital city proposal start date for the 30-year period described in this Subsection (4), shall be no sooner than January 1 of the year of the identified tax collection year. (f) The revenue from the property tax increment and sales and use tax increment for a convention center reinvestment zone in a capital city shall be distributed directly to a convention center public infrastructure district in a capital city created under Section 63N-23-403. (g) The convention center public infrastructure district described in Subsection (4)(f) shall be created by an eligible municipality that is a capital city infrastructure district. (5) The Governor's Office of Economic Development may only propose a convention center reinvestment zone: (a) within the boundary of the eligible municipality; (b) consisting of a total area: (i) not to exceed 50 acres; or (ii) if greater than 50 acres, approved by the relevant eligible municipality; (c) consisting only of contiguous parcels; and (d) in an area that includes any portion of an existing convention center and any city block that is bordered by an existing convention center. (6) The Governor's Office of Economic Development shall propose a convention center reinvestment zone in a capital city on or before April 15, 2025. (7) A convention center reinvestment zone in a capital city does not count toward the maximum of eight housing and transit reinvestment zones in a given county as provided in Subsection 63N-23-201(7)(a).
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