Combined incremental value -- Restriction against adopting an urban renewal project area budget -- Taxing entity committee may waive restriction.
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(1) Except as provided in Subsection (2), an agency may not adopt an urban renewal project area budget if, at the time the urban renewal project area budget is being considered, the combined incremental value for the agency exceeds 10% of the total taxable value of property within the agency's boundaries in the year that the urban renewal project area budget is being considered.
(2)
(a) A taxing entity committee may waive the restrictions imposed by Subsection (1).
(b) Subsection (1) does not apply to an urban renewal project area budget if the agency's development impediment determination in the project area to which the budget relates is based on a determination under Subsection 17C-2-303(1)(b).