63N-3a-201. Process to propose -- Advance consultation -- Proposal requirements -- Consultation and public comment required -- Office review.
(1) A creating entity may propose the creation of a regionally significant development zone: within the jurisdictional boundaries of the creating entity; and as provided in this section. One or more creating entities may jointly propose a regionally significant development zone, and be treated as a single creating entity for the purposes of this part, if: the creating entities first enter an interlocal agreement governing how the creating entities shall manage the zone, if approved; or the creating entities include a proposed interlocal agreement the creating entities will enter upon approval of the zone. An interlocal agreement described in Subsectionshall meet the requirements of Section. (1)(b) 17C-6-102
(2) Before a creating entity may submit a proposal to the office as described in this section: the legislative body of the creating entity shall: submit a draft of the proposal to every school district that would be impacted by the creation of a regionally significant development zone, as described in the proposal, to discuss the requirements of the proposal; provide a school district described in Subsectionno less than 30 calendar days to offer the creating entity feedback on the draft proposal; and (2)(a)(i) hold a public meeting and receive public comment on the proposal to create a regionally significant development zone; and provide notice of the public meeting as a class A notice as described in Sectionfor at least 10 days; 63G-30-102 if the creating entity is a municipality, the municipal legislative body shall: submit a draft of the proposal to the county legislative body where the proposed regionally significant development zone is located; and provide the county no less than 30 days to offer the creating entity feedback on the draft proposal, including a finding of whether the county legislative body considers the proposed project regionally significant; and submit a draft of the proposal to every affected local taxing entity that will be required to participate in the regionally significant development zone at least 30 days before the creating entity submits a proposal to the office.
(3) A creating entity shall include any feedback or public comment received under Subsectionin a proposal submitted to the office. (2) A creating entity may provide the public entity's response to any feedback or public comment described in Subsectionalong with the proposal. (3)(a) If a county legislative body makes a finding under Subsectionthat a proposed project is not regionally significant: (2)(b)(ii) the municipal creating entity may submit a proposal to the office as described in this section; and if the proposal is for a regionally significant economic development opportunity described in Section, the committee may approve the proposal, but notwithstanding the requirement in Sectionthat all affected taxing entities participate at the same rate, the county's participation in property tax increment is limited to a maximum of 40%. 63N-3a-303 63N-3a-203
(4) A creating entity shall submit a proposal to the office in a form and manner determined by the office.
(5) A proposal made under this chapter shall: demonstrate how the proposed zone addresses: for a regionally significant transit-oriented development, the objectives and requirements described in Section; 63N-3a-301 for a regionally significant first home village, the objectives and requirements described in Section; or 63N-3a-302 for a regionally significant economic development opportunity, the objectives and requirements described in Section; 63N-3a-303 describe the development impediments and market conditions that render a development cost prohibitive absent the financial incentives described in this chapter and for which the creating entity requests approval to utilize in the proposal; include a pro forma analysis that includes data showing the cost difference between: what type of redevelopment or development could feasibly occur without the creation of a regionally significant development zone; and the type of redevelopment or development that is proposed to occur with the creation of a regionally significant development zone and the accompanying regionally significant development zone revenue; and include any other information the office requires by rule.
(6) A proposal may include a request to capture property tax increment, the entirety of personal property tax revenue, or both.
(7) A regionally significant development zone may not be smaller than 10 acres.
(8) After receiving a proposal, the office shall: provide notice of the proposal to any impacted metropolitan planning organizations; provide notice of the proposal to the county assessor and county auditor of every county in which a proposed regionally significant development zone would be wholly or partially located; evaluate the feasibility of administering the tax implications of the proposal; evaluate the pro forma analysis included in the proposal; and following the evaluations described in Subsectionsand, provide any findings the office makes to the creating entity. (8)(a)(iii) (iv) In conducting the evaluations described in Subsectionsand, the office: (8)(a)(iii) (iv) shall consult with the tax commission and the relevant county assessor and county auditor; and may consult with an independent consultant as described in Section. 63N-3a-103 The office shall provide any findings following the evaluations described in Subsectionsandto the creating entity. (8)(a)(iii) (iv) After receiving the findings described in Subsection, the creating entity may: (8)(a)(v) amend the proposal and request the office submit the amended proposal to the committee; or request the office submit the original proposal to the committee.
(9) If the office determines a proposal meets the requirements of this section, the office shall: notify the creating entity; provide the proposal to the executive director for the executive director's evaluation and recommendation, as described in Section; and 63N-3a-103 notify the relevant individuals described in Sectionthat an increment financing committee is convened to consider a proposal. 63N-3a-102