Effective 3/21/2022 11-58-601. Port authority receipt and use of property tax differential — Distribution of property tax differential. (1) As used in this section: (a) “Designation resolution” means a resolution adopted by the board that designates a transition date for the parcel specified in the resolution. (b) “Exempt area” means the authority jurisdictional land that […]
Effective 3/21/2022 11-58-602. Allowable uses of property tax differential and other funds. (1) (a) The authority may use money from property tax differential, money the authority receives from the state, money the authority receives under Subsection 59-12-205(2)(a)(ii)(C), and other money available to the authority: (i) for any purpose authorized under this chapter; (ii) for administrative, […]
Effective 3/21/2022 11-58-603. Use of authority money for business recruitment incentive. (1) As used in this section: (a) “Business recruitment incentive” means the post-performance payment of property tax differential as an incentive for a capital expenditure or for the creation of high-paying jobs within a project area, as provided in this section. (b) “Capital expenditure” […]
Effective 3/21/2022 11-58-604. Agreement relating to expenditure of mitigation money — Distribution and use of exempt area property tax. (1) As used in this section: (a) “Exempt area” means the same as that term is defined in Section 11-58-601. (b) “Exempt area property tax” means the portion of property tax differential generated by a property […]
