Process for a proposal of a housing and transit reinvestment zone -- Analysis.
Checkout our iOS App for a better way to browser and research.
(1) Subject to approval of the housing and transit reinvestment zone committee as described in Section 63N-3-605, in order to create a housing and transit reinvestment zone, a municipality or public transit county that has general land use authority over the housing and transit reinvestment zone area, shall:
(a) prepare a proposal for the housing and transit reinvestment zone that:
(i) demonstrates that the proposed housing and transit reinvestment zone will meet the objectives described in Subsection 63N-3-603(1);
(ii) explains how the municipality or public transit county will achieve the requirements of Subsection 63N-3-603(2)(a);
(iii) defines the specific transportation infrastructure needs, if any, and proposed improvements;
(iv) defines the boundaries of:
(A) the housing and transit reinvestment zone; and
(B) the sales and use tax boundary corresponding to the housing and transit reinvestment zone boundary, as described in Section 63N-3-610;
(v) identifies any development impediments that prevent the development from being a market-rate investment and proposed strategies for addressing each one;
(vi) describes the proposed development plan, including the requirements described in Subsections 63N-3-603(2) and (4);
(vii) establishes a base year and collection period to calculate the tax increment within the housing and transit reinvestment zone;
(viii) establishes a sales and use tax base year to calculate the sales and use tax increment within the housing and transit reinvestment zone;
(ix) describes projected maximum revenues generated and the amount of tax increment capture from each taxing entity and proposed expenditures of revenue derived from the housing and transit reinvestment zone;
(x) includes an analysis of other applicable or eligible incentives, grants, or sources of revenue that can be used to reduce the finance gap;
(xi) proposes a finance schedule to align expected revenue with required financing costs and payments; and
(xii) provides a pro-forma for the planned development including the cost differential between surface parked multi-family development and enhanced development that satisfies the requirements described in Subsections 63N-3-603(2), (3), and (4); and
(b) submit the housing and transit reinvestment zone proposal to the Governor's Office of Economic Opportunity.
(2) Before submitting the proposed housing and transit reinvestment zone to the Governor's Office of Economic Opportunity as described in Subsection (1)(b), the municipality or public transit county proposing the housing and transit reinvestment zone shall ensure that the area of the proposed housing and transit reinvestment zone is zoned in such a manner to accommodate the requirements of a housing and transit reinvestment zone described in this section and the proposed development.
(3)
(a) After receiving the proposal as described in Subsection (1)(b), the Governor's Office of Economic Opportunity shall, at the expense of the proposing municipality or public transit county as described in Subsection (5), contract with an independent entity to perform the gap analysis described in Subsection (3)(b).
(b) The gap analysis required in Subsection (3)(a) shall include:
(i) a description of the planned development;
(ii) a market analysis relative to other comparable project developments included in or adjacent to the municipality or public transit county absent the proposed housing and transit reinvestment zone;
(iii) an evaluation of the proposal to and a determination of the adequacy and efficiency of the proposal; and
(iv) based on the market analysis and other findings, an opinion relative to the amount of potential public financing reasonably determined to be necessary to achieve the objectives described in Subsection 63N-3-603(1).
(4) After receiving the results from the analysis described in Subsection (3)(b), the municipality or public transit county proposing the housing and transit reinvestment zone may:
(a) amend the housing and transit reinvestment zone proposal based on the findings of the analysis described in Subsection (3)(b) and request that the Governor's Office of Economic Opportunity submit the amended housing and transit reinvestment zone proposal to the housing and transit reinvestment zone committee; or
(b) request that the Governor's Office of Economic Opportunity submit the original housing and transit reinvestment zone proposal to the housing and transit reinvestment zone committee.
(5)
(a) The Governor's Office of Economic Opportunity may accept, as a dedicated credit, up to $20,000 from a municipality or public transit county for the costs of the gap analysis described in Subsection (3)(b).
(b) The Governor's Office of Economic Opportunity may expend funds received from a municipality or public transit county as dedicated credits to pay for the costs associated with the gap analysis described in Subsection (3)(b).