17C-2-202 - Combined incremental value -- Restriction against adopting an urban renewal project area budget -- Taxing entity committee may waive restriction.
17C-2-202. Combined incremental value -- Restriction against adopting an urbanrenewal project area budget -- Taxing entity committee may waive restriction.
(1) Except as provided in Subsection (2), an agency may not adopt an urban renewalproject area budget if, at the time the urban renewal project area budget is being considered, thecombined incremental value for the agency exceeds 10% of the total taxable value of propertywithin the agency's boundaries in the year that the urban renewal project area budget is beingconsidered.
(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'sfinding of blight in the project area to which the budget relates is based on a finding underSubsection 17C-2-303(1)(b).
Amended by Chapter 364, 2007 General Session