Project Area Plan and Budget

Utah Code tit. 11, ch. 11-70, pt. 11-70-P5

in effect

Utah Code § 11-70-501 Preparation of project area plan -- Required contents of project area plan.

11-70-501. Preparation of project area plan -- Required contents of project area plan. (1) As provided in this section, the fairpark district may adopt a project area plan for the development of some or all of the land within the fairpark district boundary. (2) In consultation with the fair park authority board, the fairpark district may adopt a project area plan for the development of some or all of the fair park land. (3) With the consent of a qualified owner, the fairpark district may adopt a project area plan for the development of the qualified owner's land, including the development and construction of a qualified stadium. (4) (a) To adopt a project area plan, the board shall: (i) prepare a draft project area plan; (ii) give notice as required under Subsection 11-70-503(2); (iii) hold at least one public meeting, as required under Subsection 11-70-503(1); and (iv) after holding at least one public meeting and subject to Subsection (4)(b), adopt the draft project area plan as the project area plan. (b) Before adopting a draft project area plan as the project area plan, the board may make modifications to the draft project area plan that the board considers necessary or appropriate. (5) A project area plan and draft project area plan shall contain: (a) a legal description of the boundary of the project area; (b) the fairpark district's purposes and intent with respect to the project area; and (c) the board's findings and determination that: (i) there is a need for the proposed development project to effectuate a public purpose; (ii) there is a public benefit that will result from the proposed development project; and (iii) it is economically sound and feasible to adopt and carry out the project area plan. Enacted by Chapter 419, 2024 General Session

Utah Code § 11-70-502 Qualified stadium under project area plan.

11-70-502. Qualified stadium under project area plan. (1) A project area plan may provide for the development and construction of a qualified stadium on land that, until conveyed to the fairpark district as provided in Subsection (3)(a)(ii), is owned by a qualified owner. (2) A project area plan under Subsection (1) shall include a requirement that the qualified owner and fairpark district enter an agreement relating to: (a) the development, construction, operation, and ownership of a qualified stadium; and (b) the development of other land owned by the qualified owner within the fairpark district boundary. (3) (a) An agreement under Subsection (2) shall: (i) limit the stadium contribution to the lesser of: (A) half the actual cost of developing and constructing the qualified stadium; or (B) $900,000,000; (ii) require the qualified owner to convey to the fairpark district, as soon as practicable after the franchise agreement date, title to the property on which the qualified stadium will be constructed; (iii) require the qualified owner, if the major league sports team leaves the qualified stadium before 30 years after the franchise agreement date, to: (A) pay the remaining outstanding balance of bonds issued by the fairpark district for the development and construction of the qualified stadium; and (B) pay to the fairpark district the difference between the stadium contribution and the amount paid under Subsection (3)(a)(iii)(A); (iv) provide for the fairpark district to possess full ownership rights to the qualified stadium; (v) provide for the qualified owner to sell and control sponsorship rights relating to the qualified stadium; (vi) provide for the fairpark district to lease the qualified stadium to the major league sports team for lease payments of $150,000 per month for 360 months; (vii) require the qualified owner to operate and maintain the qualified stadium and to pay for all operation and maintenance costs; (viii) require the qualified owner to cooperate and coordinate with the fairpark district to allow events other than events of the major league sports team to occur at the qualified stadium if those other events do not interfere with the use of the qualified stadium for events of the major league sports team; (ix) include negotiated terms that are fair and reasonable; (x) establish the timing and process for the development of the qualified owner's property within the fairpark district boundary, based on the qualified owner's development plan; (xi) establish the timing and process for assisting the fair park authority to complete the fair park authority's master plan; and (xii) require the major league sports team to be given a name that includes "Utah." (b) Before approving an agreement under Subsection (3)(a), the board shall: (i) hold at least one public meeting to consider and discuss the draft agreement; and (ii) provide notice of the public meeting as provided in Subsection 11-70-503(2). (c) A legal action or other challenge to an agreement under Subsection (3)(a) by a person other than a party to the agreement is barred unless brought within 30 days after the execution of the agreement. Amended by Chapter 498, 2025 General Session

Utah Code § 11-70-503 Public meeting to consider and discuss draft project area plan -- Notice -- Adoption of plan.

11-70-503. Public meeting to consider and discuss draft project area plan -- Notice -- Adoption of plan. (1) The board shall hold at least one public meeting to consider and discuss a draft project area plan. (2) Before holding a public meeting under Subsection (1), the board shall give notice of the public meeting: (a) to each taxing entity, at least 10 days before the public meeting; and (b) for the project area, as a class A notice under Section 63G-30-102, for at least 10 days before the public meeting. (3) Following consideration and discussion at a public meeting under Subsection (1), and any modification of the project area plan under Subsection 11-70-501(4)(b), the board may adopt the draft project area plan or modified draft project area plan as the project area plan. Enacted by Chapter 419, 2024 General Session

Utah Code § 11-70-504 Notice of project area plan adoption -- Effective date of plan -- Time for challenging a project area plan or project area.

11-70-504. Notice of project area plan adoption -- Effective date of plan -- Time for challenging a project area plan or project area. (1) Upon the board's adoption of a project area plan, the board shall provide notice as provided in Subsection (2) by publishing or causing to be published legal notice: (a) for the project area, as a class A notice under Section 63G-30-102, for at least 30 days; and (b) as required by Section 45-1-101. (2) (a) A notice under Subsection (1) shall include: (i) the board resolution adopting the project area plan or a summary of the resolution; and (ii) a statement that the project area plan is available for general public inspection and the hours for inspection. (b) The statement required under Subsection (2)(a)(ii) may be included within the board resolution adopting the project area plan or within the summary of the resolution. (3) The project area plan becomes effective on the date designated in the board resolution. (4) The fairpark district shall make the adopted project area plan available to the general public at the fairpark district's offices during normal business hours. (5) Within 10 days after the day on which a project area plan is adopted that establishes a project area, or after an amendment to a project area plan is adopted under which the boundary of a project area is modified, the fairpark district shall send notice of the establishment or modification of the project area and an accurate map or plat of the project area to: (a) the State Tax Commission; (b) the Utah Geospatial Resource Center created in Section 63A-16-505; and (c) the assessor, auditor, and recorder of each county where the project area is located. (6) A legal action or other challenge to a project area plan or a project area described in a project area plan is barred unless brought within 30 days after the effective date of the project area plan. Enacted by Chapter 419, 2024 General Session

Utah Code § 11-70-505 Amendment to a project area plan.

11-70-505. Amendment to a project area plan. (1) The fairpark district may amend a project area plan by following the same procedure under this part as applies to the adoption of a project area plan. (2) The provisions of this part apply to the fairpark district's adoption of an amendment to a project area plan to the same extent as they apply to the adoption of a project area plan. Enacted by Chapter 419, 2024 General Session

Utah Code § 11-70-506 Project area budget.

11-70-506. Project area budget. (1) Before the fairpark district may use the enhanced property tax revenue from a project area, the board shall prepare and adopt a project area budget. (2) A project area budget shall include: (a) the base taxable value of property in the project area; (b) the projected enhanced property tax revenue expected to be generated within the project area; (c) the amount of the enhanced property tax revenue expected to be used to implement the project area plan, including the estimated amount of the enhanced property tax revenue to be used for: (i) land acquisition; (ii) public infrastructure and improvements; and (iii) loans, grants, or other incentives to private and public entities; (d) the enhanced property tax revenue expected to be used to cover the cost of administering the project area plan; (e) the amount of enhanced property tax revenue expected to be shared with other taxing entities; and (f) for property that the fairpark district owns or leases and expects to sell or sublease, the expected total cost of the property to the fairpark district and the expected selling price or lease payments. (3) The board may amend an adopted project area budget as and when the board considers it appropriate. Enacted by Chapter 419, 2024 General Session

Source: Utah Office of Legislative Research and General Counsel (le.utah.gov)URL: https://le.utah.gov/xcode/Title11/Chapter70/11-70-P5.html?v=C11-70-P5_2024050120240501Fetched: 10/26/2026