Utah Code § 11-70-401 Enhanced property tax revenue to be paid to fairpark district -- Reporting.
11-70-401. Enhanced property tax revenue to be paid to fairpark district -- Reporting.
(1) Subject to Subsection (5), the fairpark district shall be paid 90% of enhanced property tax revenue generated from each parcel of privately owned land within the fairpark district boundary:
(a) beginning the tax year that begins on January 1, 2025; and
(b) until the transition date for that parcel.
(2) Subject to Subsection (5), during the payment period the fairpark district shall be paid up to 100% of enhanced property tax revenue:
(a) generated from designated parcels of privately owned land within a project area; and
(b) as the board specifies in a designation resolution adopted in consultation with a qualified owner.
(3) For purposes of the payment of enhanced property tax revenue under this section, a payment period shall begin, as specified in the designation resolution, on January 1 of a year that begins after the designation resolution is adopted.
(4)
(a) For purposes of this section, the fairpark district may designate an improved portion of a parcel in a project area as a separate parcel.
(b) A fairpark district designation of an improved portion of a parcel as a separate parcel under Subsection (4)(a) does not constitute a subdivision, as defined in Section 10-20-102 or Section 17-79-102.
(c) A county recorder shall assign a separate tax identification number to the improved portion of a parcel designated by the fairpark district as a separate parcel under Subsection (4)(a).
(5) A host municipality shall be paid a minimum of 25% of the enhanced property tax revenue generated by a property tax imposed by the host municipality to reimburse the host municipality for services the host municipality provides to a project area in accordance with Subsection 11-70-206(6)(c), with the exact amount determined in an agreement between the host municipality and the fairpark district.
(6) The fairpark district shall comply with the requirements described in Title 59, Chapter 35, Tax Increment Financing Reporting.
Amended by Chapter 274, 2026 General Session