Section 204 – Adoption of a budget for a community development project area plan — Amendment.

• (1) An agency may prepare and, by resolution adopted at a regular or special meeting of the board, adopt a community development project area budget setting forth:
  • (a) the anticipated costs, including administrative costs, of implementing the community development project area plan; and
  • (b) the tax increment, sales and use tax revenue, and other revenue the agency anticipates receiving to fund the project.

• (2) An agency may, by resolution adopted at a regular or special meeting of the board, amend a budget adopted under Subsection (1).

• (3) Each resolution to adopt or amend a budget under this section shall appear as an item on the agenda for the regular or special board meeting at which the resolution is adopted without additional required notice.

• (4) An agency is not required to obtain taxing entity or taxing entity committee approval to adopt or amend a community development project area budget.

Amended by Chapter 350, 2016 General Session