Applicability, requirements, and limitations on a housing and transit reinvestment zone.
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(1) A housing and transit reinvestment zone proposal created under this part shall promote the following objectives:
(a) higher utilization of public transit;
(b) increasing availability of housing, including affordable housing;
(c) conservation of water resources through efficient land use;
(d) improving air quality by reducing fuel consumption and motor vehicle trips;
(e) encouraging transformative mixed-use development and investment in transportation and public transit infrastructure in strategic areas;
(f) strategic land use and municipal planning in major transit investment corridors as described in Subsection 10-9a-403(2); and
(g) increasing access to employment and educational opportunities.
(2) In order to accomplish the objectives described in Subsection (1), a municipality or public transit county that initiates the process to create a housing and transit reinvestment zone as described in this part shall ensure that the proposal for a housing and transit reinvestment zone includes:
(a) except as provided in Subsection (3), at least 10% of the proposed housing units within the housing and transit reinvestment zone are affordable housing units;
(b) a dedication of at least 51% of the developable area within the housing and transit reinvestment zone to residential development with an average of 50 multi-family dwelling units per acre or greater; and
(c) mixed-use development.
(3) A municipality or public transit county that, at the time the housing and transit reinvestment zone proposal is approved by the housing and transit reinvestment zone committee, meets the affordable housing guidelines of the United States Department of Housing and Urban Development at 60% area median income is exempt from the requirement described in Subsection (2)(a).
(4) A municipality or public transit county may only propose a housing and transit reinvestment zone that:
(a) subject to Subsection (5):
(i)
(A) for a municipality, does not exceed a 1/3 mile radius of a commuter rail station; or
(B) for a public transit county, does not exceed a 1/3 mile radius of a public transit hub; and
(ii) has a total area of no more than 125 noncontiguous square acres;
(b) subject to Section 63N-3-607, proposes the capture of a maximum of 80% of each taxing entity's tax increment above the base year for a term of no more than 25 consecutive years on each parcel within a 45-year period not to exceed the tax increment amount approved in the housing and transit reinvestment zone proposal; and
(c) the commencement of collection of tax increment, for all or a portion of the housing and transit reinvestment zone, will be triggered by providing notice as described in Subsection (6).
(5) If a parcel is bisected by the 1/3 mile radius, the full parcel may be included as part of the housing and transit reinvestment zone area and will not count against the limitations described in Subsection (4)(a).
(6) The notice of commencement of collection of tax increment required in Subsection (4)(c) shall be sent by mail or electronically to:
(a) the tax commission;
(b) the State Board of Education;
(c) the state auditor;
(d) the auditor of the county in which the housing and transit reinvestment zone is located;
(e) each taxing entity affected by the collection of tax increment from the housing and transit reinvestment zone; and
(f) the Governor's Office of Economic Opportunity.