Utah Code § 63N-3a-203 — Utah Code / Title 63N / Chapter 63N-3a / § 63N-3a-203
§ 63N-3a-203. Approval process -- Creation of a regionally significant development zone -- Boundaries.
Status: in_force

(1) If the committee votes to approve a proposal, as described in Section 63N-3a-202: (a) a regionally significant development zone is created as of the effective date and subject to the governance requirements described in Section 63N-3a-206; (b) affected local taxing entities are required to participate according to the terms approved by the committee; and (c) subject to Subsection 63N-3a-201(3)(c), each affected taxing entity is required to participate at the same rate. (2) (a) The effective date of a regionally significant development zone is the later of: (i) January 1 following the approval of the proposal, if the committee approves the proposal on or before September 30; or (ii) January 1 following the year after the year in which the committee approves the proposal. (b) A creating entity may not trigger the collection of tax increment within a regionally significant development zone before the effective date. (3) In approving a proposal, the committee shall establish: (a) the qualified development zone boundary for the purpose of calculating property tax increment; (b) the maximum number of consecutive years a creating entity's agency may collect and use increment, not to exceed 25 years; and (c) the maximum amount of tax increment revenue, in total and from each proposed source, that may be captured in the regionally significant development zone. (4) (a) In accordance with Section 63N-3a-204, for any proposal requesting approval of the use of property tax increment, the committee shall also establish: (i) the property tax base year; (ii) the percentage of property tax increment allowed to be captured within and used on behalf of a regionally significant development zone, not to exceed the limits described in Section 63N-3a-204; and (iii) the maximum amount of property tax increment revenue that an agency may collect for a regionally significant development zone. (b) The base taxable value of land within a regionally significant development zone is determined as of January 1 of the base year established by the committee under Subsection (4)(a). (c) (i) Except as provided in Subsection (4)(c)(ii), a creating entity may propose, and a committee may approve, the diversion of all the revenue attributed to personal property tax generated within a regionally significant development zone to the regionally significant development zone for a period not to exceed 25 years. (ii) A creating entity proposing a zone described in Part 4, Regionally Significant Zones with Energy Implications, shall propose the diversion of all the revenue attributed to personal property tax generated within a regionally significant development zone to the regionally significant development zone for a period not to exceed 25 years. (d) In accordance with Section 63N-3a-204 and except as provided in Section 63N-3a-403, for a proposal requesting approval of the use of property tax increment or personal property tax diversion, the committee shall establish a percentage of revenue that the creating entity's agency shall transfer to the state treasurer for deposit into the State Reinvestment Restricted Account created in Section 51-9-1102, which shall be at least 5% but no more than 25% of the total annual revenue an agency receives from property tax sources described in this Subsection (4). (5) Within 30 days after the committee approves a proposal, the creating entity shall: (a) record with the recorder of the county in which the regionally significant development zone is located a document containing: (i) a description of the land within the regionally significant development zone and, if applicable, primary project area; (ii) the approval date; and (iii) the effective date; (b) transmit a copy of the description of the land within the regionally significant development zone and an accurate map or plat indicating the boundaries of the regionally significant development zone, and if applicable, primary project area to the Utah Geospatial Resource Center created under Section 63A-16-505; and (c) transmit a copy of the approved regionally significant development zone proposal, map, and legal description of the regionally significant development zone, and if applicable, primary project area, to: (i) the auditor, recorder, attorney, surveyor, treasurer, and assessor of the county in which any part of the regionally significant development zone is located; (ii) the officer or officers performing the function of auditor or assessor for each taxing entity that does not use the county assessment roll or collect the taxing entity's taxes through the county; (iii) the legislative body or governing board of each taxing entity affected by the regionally significant development zone; (iv) the tax commission; and (v) the State Board of Education. (6) Within 90 days after the committee approves a proposal, the committee shall provide to the tax commission: (a) a statement that the regionally significant development zone is established under this part; (b) the approval date of the proposal and the effective date of the regionally significant development zone; (c) the qualified development zone boundary, if applicable; and (d) any information about the regionally significant development zone requested by the commission.