Definitions.

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  • (1) "Affordable housing" means the same as that term is defined in Section 11-38-102.
  • (2) "Agency" means the same as that term is defined in Section 17C-1-102.
  • (3) "Base taxable value" means a property's taxable value as shown upon the assessment roll last equalized during the base year.
  • (4) "Base year" means, for a proposed housing and transit reinvestment zone area, a year determined by the last equalized tax roll before the adoption of the housing and transit reinvestment zone.
  • (5)
    • (a) "Commuter rail" means a heavy-rail passenger rail transit facility operated by a large public transit district.
    • (b) "Commuter rail" does not include a light-rail passenger rail facility of a large public transit district.
  • (6) "Commuter rail station" means a station, stop, or terminal along an existing commuter rail line, or along an extension to an existing commuter rail line or new commuter rail line that is included in a metropolitan planning organization's adopted long-range transportation plan.
  • (7) "Dwelling unit" means one or more rooms arranged for the use of one or more individuals living together, as a single housekeeping unit normally having cooking, living, sanitary, and sleeping facilities.
  • (8) "Enhanced development" means the construction of mixed uses including housing, commercial uses, and related facilities, at an average density of 50 dwelling units or more per acre on the developable acres.
  • (9) "Enhanced development costs" means extra costs associated with structured parking costs, vertical construction costs, horizontal construction costs, life safety costs, structural costs, conveyor or elevator costs, and other costs incurred due to the increased height of buildings or enhanced development.
  • (10) "Horizontal construction costs" means the additional costs associated with earthwork, over excavation, utility work, transportation infrastructure, and landscaping to achieve enhanced development in the housing and transit reinvestment zone.
  • (11) "Housing and transit reinvestment zone" means a housing and transit reinvestment zone created pursuant to this part.
  • (12) "Housing and transit reinvestment zone committee" means a housing and transit reinvestment zone committee created pursuant to Section 63N-3-605.
  • (13) "Large public transit district" means the same as that term is defined in Section 17B-2a-802.
  • (14) "Metropolitan planning organization" means the same as that term is defined in Section 72-1-208.5.
  • (15) "Mixed use development" means development with a mix of multi-family residential use and at least one additional land use.
  • (16) "Municipality" means the same as that term is defined in Section 10-1-104.
  • (17) "Participant" means the same as that term is defined in Section 17C-1-102.
  • (18) "Participation agreement" means the same as that term is defined in Section 17C-1-102.
  • (19) "Public transit county" means a county that has created a small public transit district.
  • (20) "Public transit hub" means a public transit depot or station where four or more routes serving separate parts of the county-created transit district stop to transfer riders between routes.
  • (21) "Sales and use tax base year" means a sales and use tax year determined by the first year pertaining to the tax imposed in Section 59-12-103 after the sales and use tax boundary for a housing and transit reinvestment zone is established.
  • (22) "Sales and use tax boundary" means a boundary created as described in Section 63N-3-604, based on state sales and use tax collection that corresponds as closely as reasonably practicable to the housing and transit reinvestment zone boundary.
  • (23) "Sales and use tax increment" means the difference between:
    • (a) the amount of state sales and use tax revenue generated each year following the sales and use tax base year by the sales and use tax from the area within a housing and transit reinvestment zone designated in the housing and transit reinvestment zone proposal as the area from which sales and use tax increment is to be collected; and
    • (b) the amount of state sales and use tax revenue that was generated from that same area during the sales and use tax base year.
  • (24) "Sales and use tax revenue" means revenue that is generated from the tax imposed under Section 59-12-103.
  • (25) "Small public transit district" means the same as that term is defined in Section 17B-2a-802.
  • (26) "Tax commission" means the State Tax Commission created in Section 59-1-201.
  • (27) "Tax increment" means the difference between:
    • (a) the amount of property tax revenue generated each tax year by a taxing entity from the area within a housing and transit reinvestment zone designated in the housing and transit reinvestment zone proposal as the area from which tax increment is to be collected, using the current assessed value and each taxing entity's current certified tax rate as defined in Section 59-2-924; and
    • (b) the amount of property tax revenue that would be generated from that same area using the base taxable value and each taxing entity's current certified tax rate as defined in Section 59-2-924.
  • (28) "Taxing entity" means the same as that term is defined in Section 17C-1-102.
  • (29) "Vertical construction costs" means the additional costs associated with construction above four stories and structured parking to achieve enhanced development in the housing and transit reinvestment zone.




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