Consent of taxing entity committee required for urban renewal project area budget -- Exception.

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  • (1)
    • (a) Except as provided in Subsection (1)(b) and subject to Subsection (2), each agency shall obtain the consent of the taxing entity committee for each urban renewal project area budget under a post-June 30, 1993 project area plan before the agency may receive any tax increment from the urban renewal project area.
    • (b) For an urban renewal project area budget adopted from July 1, 1998 through May 1, 2000 that allocates 20% or more of the tax increment for housing as provided in Section 17C-1-412, an agency:
      • (i) need not obtain the consent of the taxing entity committee for the project area budget; and
      • (ii) may not receive any tax increment from all or part of the project area until after:
        • (A) the loan fund board has certified the project area budget as complying with the requirements of Section 17C-1-412; and
        • (B) the board has approved and adopted the project area budget by a two-thirds vote.
  • (2)
    • (a) Before a taxing entity committee may consent to an urban renewal project area budget adopted on or after May 1, 2000 that is required under Subsection 17C-2-203(1)(a) to allocate 20% of tax increment for housing, the agency shall:
      • (i) adopt a housing plan showing the uses for the housing funds; and
      • (ii) provide a copy of the housing plan to the taxing entity committee and the loan fund board.
    • (b) If an agency amends a housing plan prepared under Subsection (2)(a), the agency shall provide a copy of the amendment to the taxing entity committee and the loan fund board.




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