17C-3-205 - Amending an economic development project area budget.
17C-3-205. Amending an economic development project area budget.
(1) An agency may by resolution amend an economic development project area budget asprovided in this section.
(2) To amend an adopted economic development project area budget, the agency shall:
(a) advertise and hold one public hearing on the proposed amendment as provided inSubsection (3);
(b) obtain the approval of the taxing entity committee if the agency was required underSection 17C-3-203 to obtain the consent of the taxing entity committee for the project areabudget as originally adopted;
(c) if approval of the taxing entity committee is required under Subsection (2)(b), obtaina written certification, signed by an attorney licensed to practice law in this state, stating that thetaxing entity committee followed the appropriate procedures to approve the project area budget;and
(d) adopt a resolution amending the project area budget.
(3) The public hearing required under Subsection (2)(a) shall be conducted according tothe procedures and requirements of Section 17C-3-201, except that if the amended project areabudget proposes that the agency be paid a greater proportion of tax increment from a project areathan was to be paid under the previous project area budget, the notice shall state the percentagepaid under the previous project area budget and the percentage proposed under the amendedproject area budget.
(4) If a proposed amendment is not adopted, the agency shall continue to operate underthe previously adopted economic development project area budget without the proposedamendment.
(5) (a) A person may contest the agency's adoption of a budget amendment within 30days after the day on which the agency adopts the amendment.
(b) A person who fails to contest a budget amendment under Subsection (5)(a):
(i) forfeits any claim against an agency's adoption of the amendment; and
(ii) may not contest:
(A) a payment to the agency under the budget amendment; or
(B) an agency's use of a tax increment under a budget amendment.
Amended by Chapter 279, 2010 General Session