(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