(1) As used in this section, "maximum allowable increment" means the percent of property tax increment a regionally significant development zone is authorized to capture and utilize, as established by the committee under this chapter. (2) Except as provided in Subsection (4), if a regionally significant development zone overlaps an area that is part of a project area, as that term is defined in Section 17C-1-102, that parcel may not be triggered for tax increment collection unless the project area funds collection period, as that term is defined in Section 17C-1-102, has expired. (3) (a) Except as provided in Subsection (3)(b), a regionally significant development zone may not overlap a housing and transit reinvestment zone or a first home investment zone. (b) Subject to Subsection (4), a regionally significant development zone may overlap a housing and transit reinvestment zone or a first home investment zone if: (i) the regionally significant development zone does not collect property tax increment for the area overlapping with the housing and transit reinvestment zone or the first home investment zone; or (ii) the regionally significant development zone does not collect property tax increment for the area overlapping with the housing and transit reinvestment zone or the first home investment zone until the collection period for the housing and transit reinvestment zone's collection of property tax increment or the first home investment zone's collection of property tax increment has ended. (4) (a) If a community reinvestment project area plan captures less than maximum allowable increment of the property tax increment from a taxing entity, or if a taxing entity is not participating in the community reinvestment project area plan, because the agency and relevant taxing entities agreed to capture a lower percentage or agreed to exclude a taxing entity from the community reinvestment project area plan, Subsection (3)(a) does not apply. (b) If, at the creation of a housing and transit reinvestment zone or a first home investment zone, the taxing entities agreed that tax increment collection would end on a certain date or after a certain number of years, Subsection (3)(b) does not apply unless the taxing entities that were involved in the agreement affirmatively agree to participate in the regionally significant development zone tax increment collection. (5) (a) Except as provided in Subsection (5)(b), a regionally significant development zone may not overlap project areas created by the: (i) Military Installation Development Authority described in Subsection 63H-1-102(17); (ii) Utah Fairpark Area Investment and Restoration District described in Subsection 11-70-101(24); or (iii) Utah Inland Port Authority project area described in Subsection 11-58-102(17). (b) A creating entity may propose, and the committee may approve, a regionally significant development zone that overlaps with a project area if: (i) the regional economic development authority that created the project area consents to the creation of the regionally significant development zone; and (ii) no more than 60% of tax increment is captured and used by the creating entity's agency and the regional economic development authority in combination in any given year.
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