Makid,
Thanks for posting this. Please don't shorten it. Sltrib's paywall is a mess. Interesting to see how this disaster happened. Also good to see Stan Penfolds readying his mayoral campaign.
At issues is this provision:
Line 611 (c) The authority may not receive property tax differential from an area included within a community reinvestment project area, as defined in Section 17C-1-102, under a community reinvestment project area plan, as defined in Section 17C-1-102, adopted before March 1, 2018 from a taxing entity that has, before March 1, 2018,
entered into a fully executed, legally binding agreement under which the taxing entity agrees to the use of its tax increment, as defined in Section 17C-1-102, under the community reinvestment project area plan.
This points to
17C-1-102 of the Utah Community Reinvestment Act (CRA). Section 2(d): "(d) under an interlocal agreement that authorizes the agency to receive a taxing entity's tax increment.". So: SLC had created and adopted the community reinvestment project area in February. It had not, however achieved any interlocal agreements because those get done on a deal by deal basis. Really bad circular, unclear language and a great place to start with a lawsuit. The bill is a hodgepodge of goodies for a number of players and, like every piece of garbage that the Laughislature kicks out, ripe for lawsuits. Also a stong possiblity that the law supercedes and affect multiple development deals inked by the city over the last few months. That is where the city will get its traction as Utah, as a whole, does not fuck around with real estate contracts. Just need to file. Go gettem,
Margaret Plane!