Utah Code § 63N-3-1703 — Utah Code / Title 63N / Chapter 63N-3 / § 63N-3-1703
§ 63N-3-1703. Process for proposing a major sporting event venue zone.
Status: in_force

(1) (a) A creating entity may propose a major sporting event venue zone as provided in this section. (b) Before a creating entity may submit a proposal to the office as described in this section, the legislative body of the creating entity shall hold a public meeting on the proposal to create a major sporting event venue zone and provide notice of the public meeting as a class A notice as described in Section 63G-30-102. (c) One or more creating entities may jointly propose a major sporting event venue zone if: (i) the creating entities first enter an interlocal agreement governing how the creating entities shall manage the major sporting event venue zone, if approved; or (ii) the creating entities include a proposed interlocal agreement the creating entities will enter upon approval of the major sporting event venue zone. (d) A creating entity may not propose a major sporting event venue zone unless the owner of a major sporting event venue consents to the creation of the major sporting event venue zone through a participation agreement with the creating entity. (2) A proposal for a major sporting event venue zone shall: (a) identify if the proposal is to redevelop an existing but aging major sporting event venue, develop a new major sporting event venue, or both redevelop an existing but aging major sporting event venue and develop a new major sporting event venue; (b) demonstrate that the major sporting event venue zone will meet the objectives described in Subsection 63N-3-1702(1); (c) explain how the creating entity will achieve the requirements of Subsection 63N-3-1702(2); (d) include the consent described in Subsection (1)(d); (e) define specific infrastructure needs, if any, and proposed improvements to: (i) the major sporting event venue zone; and (ii) if applicable, the secondary project area; (f) demonstrate how the major sporting event venue zone will: (i) ensure sufficient traffic control; (ii) provide multiple avenues for spectators or participants to access the major sporting event venue zone, including public transit; and (iii) promote increased visitation to and recreation in the major sporting event venue zone; (g) define the boundaries of the major sporting event venue zone; (h) define the boundaries of the secondary project area, if any; (i) identify any impediments to the development of a new major sporting event venue, or impediments to refurbishing an existing major sporting event venue, in the major sporting event venue zone and proposed strategies for addressing each one; (j) describe the proposed development or refurbishment to a sporting event venue in the major sporting event venue zone, including estimated costs; (k) subject to Subsection (3): (i) propose the collection period or periods for property tax increment; (ii) propose the collection period for local sales and use tax increment; (iii) propose the collection period or periods for property tax increment in the secondary project area, if any; (iv) propose the sales tax increment to be collected for the benefit of the major sporting event venue zone; and (v) propose the qualified development zone boundaries for purposes of the property tax increment boundary, as described in Section 63N-3-1709, and the sales and use tax boundary, as described in Section 63N-3-1710; (l) establish the timeline to levy additional taxes authorized under Title 11, Chapter 71, Major Sporting Event Venue Zones, if any, within the major sporting event venue zone; (m) describe projected maximum revenues generated within the major sporting event venue zone by each permitted source of revenue described in Section 11-71-201; (n) describe proposed expenditures of revenue generated within the major sporting event venue zone; (o) include an analysis of other applicable or eligible incentives, grants, or sources of revenue that can be used to reduce any finance gap between generated revenue and estimated costs; (p) (i) describe any known opportunities for private-public partnership in developing, refurbishing, operating, or managing a major sporting event venue, as described in Section 11-71-301; or (ii) describe a strategy to pursue private-public partnership in developing or refurbishing a major sporting event venue; (q) propose a finance schedule to align expected revenue with required financing costs and payments; (r) evaluate possible benefits to active transportation, public transportation availability and utilization, street connectivity, and air quality; and (s) provides a pro forma for the planned development that: (i) satisfies the requirements described in Section 63N-3-1702; and (ii) includes data showing the cost difference between what type of redevelopment or development could feasibly occur without major sporting event venue zone revenue, and the type of redevelopment or development that is proposed to occur with major sporting event venue zone revenue. (3) (a) Property tax increment may be collected from a qualified development zone for no less than 25 years and no more than 40 years. (b) A proposal for a major sporting event venue zone may not propose or include triggering more than three property tax increment collection periods for the qualified development zone. (c) Local sales and use tax increment may be collected for an area in a sales and use tax boundary for no more than 40 years. (d) The percentage of property tax increment collected for the benefit of a major sporting event venue zone is 75%. (e) The committee established under Section 63N-3-1706 shall determine the percentage of local sales and use tax increment to be collected for the benefit of a major sporting event venue zone. (4) A creating entity shall submit a proposal described in Subsection (2) to a relevant school district to discuss the requirements of the proposal. (5) No earlier than 30 days after the day on which the creating entity submits the proposal to a relevant school district under Subsection (4), the creating entity shall provide the proposal described in Subsection (2) and any response or feedback to the proposal from a relevant school district to the office for consideration. (6) (a) Within 14 days after the date on which the office receives the proposal described in Subsection (5), the office shall provide notice of the proposal to all affected taxing entities, including the State Tax Commission, cities, counties, school districts, metropolitan planning organizations, and the county assessor and county auditor of the county in which the major sporting event venue zone would be located. (b) The office, in consultation with the county assessor, county auditor, and the State Tax Commission, shall evaluate the feasibility of administering the tax implications of the proposal, and provide findings to the creating entity proposing the major sporting event venue zone. (7) After receiving the findings described in Subsection (6)(b), the creating entity proposing the major sporting event venue zone may: (a) amend the proposal and request that the office submit the amended proposal to the committee; or (b) request that the office submit the original major sporting event venue zone proposal to the committee.