Utah § 11-58-505 - Project area budget.

Full text of Utah Utah Code § 11-58-505 — Project area budget., with citation guidance and answers to common questions.

§ 11-58-505. Project area budget.

Effective 3/14/2023
11-58-505.  Project area budget.
(1) Before the authority may use the property tax differential 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 property tax differential expected to be generated within the project area;
(c) the amount of the property tax differential expected to be used to implement the project area plan, including the estimated amount of the property tax differential to be used for:
(i) land acquisition;
(ii) public infrastructure and improvements;
(iii) a remediation project, if applicable; and
(iv) loans, grants, or other incentives to private and public entities;
(d) the property tax differential expected to be used to cover the cost of administering the project area plan;
(e) the amount of property tax differential expected to be shared with other taxing entities; and
(f) for property that the authority owns or leases and expects to sell or sublease, the expected total cost of the property to the authority 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.
(4) For a project area that consists of the authority jurisdictional land, the budget requirements of this part are met by the authority complying with the budget requirements of Part 8, Port Authority Budget, Reporting, and Audits.


Amended by Chapter 259, 2023 General Session

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Frequently Asked Questions About Utah § 11-58-505

What does Utah Code § 11-58-505 cover?

Section 11-58-505 ("Project area budget.") is part of the Utah Code, the codified statutory law of Utah. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.

How do I cite Utah § 11-58-505?

A common citation format is "Utah Code § 11-58-505" (Utah). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.

Is this the official text of Utah law?

No. This page is for research and education and may not include the most recent amendments. For official current law, check the Utah official source linked on this page or consult a licensed Utah attorney.

How does Utah § 11-58-505 apply to my situation?

Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Utah can advise on how this section applies to you. Contact your state or local bar association for a referral.

Sources & Verification

Not legal advice. Verify against the official source and consult a licensed attorney in Utah.