17C-1-1004. Plan hearing -- Implementation plan -- Use of an agency's property tax revenue -- Eminent domain.
(1) Before an agency may levy a property tax, an agency board shall hold a plan hearing in accordance with, to: Chapter 1, Part 8, Hearing and Notice Requirements adopt an implementation plan that: contains a boundary description and a map of the geographic area within which the agency will use the agency's property tax revenue; contains a general description of the existing land uses, zoning, infrastructure conditions, population densities, and demographics of the area described in Subsection; (1)(b)(i) describes the physical, social, and economic conditions that exist in the area described in Subsection; (1)(b)(i) describes the goals and strategies that will guide the agency's use of property tax revenue; shows how agency-wide project development will further the purposes of this title; is consistent with the general plan of the community that created the agency and shows that agency-wide project development will conform to the community's general plan; generally describes the type of financial assistance and tools that the agency anticipates providing to participants; includes an analysis or description of the anticipated public benefits resulting from agency-wide project development, including benefits to economic activity and taxing entities' tax bases; includes any identified geographic target areas within which the agency will focus investment; and includes other information that the agency determines to be necessary or advisable; inform the public about: the amount of revenue that the agency will receive as property tax revenue that a participating taxing entity would have otherwise received; the property tax rate that the agency will levy; any changes to the use of revenue; and how the agency will be using property tax revenue under the implementation plan; and allow individuals present at the plan hearing to comment on the proposed property tax.
(2) An agency that levies a property tax under this part shall allocate an amount of property tax revenue for housing: in an amount that is the same as the agency's housing allocation under Sectionbefore entering into an interlocal agreement under Section; and 17C-5-307 17C-1-1002 for a period of time that is the same as the agency's project area funds collection period before entering into an interlocal agreement under Section. 17C-1-1002
(3) Except as provided in Subsection, an agency that levies a property tax under this part may not use eminent domain to acquire property for agency-wide project development. (3)(b) An agency that levies a property tax under this part may use eminent domain for an urban renewal project area or a community reinvestment project area in accordance with. Part 9, Eminent Domain