This bill amends provisions relating to the Housing and Transit Reinvestment Zone Act.
This bill:
- defines terms;
- amends provisions relating to the Housing and Transit Reinvestment Zone Act;
- amends provisions related to the Hotel Impact Mitigation Fund and distribution of funds;
- amends the allowable use of a certain sales and use taxes to be used for convention center revitalization;
- allows certain sales and use tax revenue distributed to a county to be used for convention center revitalization;
- creates a process to propose a convention center reinvestment zone to facilitate revitalization of a convention center and surrounding areas within a county of the first class to:
allow capture of sales and use tax increment related to state and certain local sales and use taxes;allow capture of property tax increment; andprovide for distribution of funds to enable bonding;
- amends provisions to exclude remote sales tax revenue for the capture of sales and use tax increment;
- amends the median gross income for a certain percentage of proposed dwelling units within the housing and transit reinvestment zone to the county median gross income for households of the same size;
- clarifies that the collection of a tax increment for a housing and transit reinvestment zone project may be triggered no more than three times per project;
- modifies provisions related to housing and transit reinvestment zones within certain transit stations or hubs;
- amends provisions related to mixed-used development;
- modifies the requirement that a proposal for a transit reinvestment zone includes a mix of dwelling units with at least 25% of the dwelling units having more than one bedroom;
- amends the date by which a tax increment collection notice is sent to certain entities to no later than December 31 of the year before the year tax increment is to take place;
- requires certain limitations on use of funds in certain convention center reinvestment zones;
- requires the base year to be updated in certain circumstances regarding existing community reinvestment projects; and
- makes technical and conforming changes.
Recommended by: Economic Development and Workforce Services Interim CommitteeStatutes affected:
Introduced: 63N-3-602, 63N-3-603
Substitute #1: 63N-3-602, 63N-3-603, 63N-3-608
Substitute #2: 11-70-204, 17C-1-409, 17C-1-411, 17C-1-412, 17D-4-102, 17D-4-203, 59-1-306, 59-1-404, 59-2-924, 59-2-924.2, 59-12-103, 59-12-205, 59-12-302, 59-12-354, 59-12-402.1, 59-12-403, 59-12-603, 59-12-703, 59-12-802, 59-12-804, 59-12-1102, 59-12-1302, 59-12-1402, 59-12-2103, 59-12-2206, 59-12-2214, 59-12-2217, 59-12-2219, 59-12-2220, 63H-1-205, 63N-3-602, 63N-3-603, 63N-3-604, 63N-3-605, 63N-3-606, 63N-3-607, 63N-3-608, 63N-3-609, 63N-3-610, 63N-3-611, 72-1-214, 72-1-304, 72-17-105, 73-10-36
Substitute #3: 11-70-204, 17C-1-409, 17C-1-411, 17C-1-412, 17D-4-102, 17D-4-203, 59-1-306, 59-1-404, 59-2-924, 59-2-924.2, 59-12-103, 59-12-205, 59-12-302, 59-12-354, 59-12-402.1, 59-12-403, 59-12-603, 59-12-703, 59-12-802, 59-12-804, 59-12-1102, 59-12-1302, 59-12-1402, 59-12-2103, 59-12-2206, 59-12-2214, 59-12-2217, 59-12-2219, 59-12-2220, 63H-1-205, 63N-3-602, 63N-3-603, 63N-3-604, 63N-3-605, 63N-3-606, 63N-3-607, 63N-3-608, 63N-3-609, 63N-3-610, 63N-3-611, 72-1-214, 72-1-304, 72-17-105, 73-10-36
Substitute #4: 11-70-204, 17C-1-409, 17C-1-411, 17C-1-412, 17D-4-102, 17D-4-203, 59-1-306, 59-1-404, 59-2-924, 59-2-924.2, 59-12-103, 59-12-205, 59-12-302, 59-12-354, 59-12-402.1, 59-12-403, 59-12-603, 59-12-703, 59-12-802, 59-12-804, 59-12-1102, 59-12-1302, 59-12-1402, 59-12-2103, 59-12-2206, 59-12-2214, 59-12-2217, 59-12-2219, 59-12-2220, 63H-1-205, 63N-3-602, 63N-3-603, 63N-3-604, 63N-3-605, 63N-3-606, 63N-3-607, 63N-3-608, 63N-3-609, 63N-3-610, 63N-3-611, 72-1-214, 72-1-304, 72-17-105, 73-10-36
Substitute #5: 11-70-204, 17C-1-409, 17C-1-411, 17C-1-412, 17D-4-102, 17D-4-203, 59-1-306, 59-1-404, 59-2-924, 59-2-924.2, 59-12-103, 59-12-205, 59-12-302, 59-12-354, 59-12-402.1, 59-12-403, 59-12-603, 59-12-703, 59-12-802, 59-12-804, 59-12-1102, 59-12-1302, 59-12-1402, 59-12-2103, 59-12-2206, 59-12-2214, 59-12-2217, 59-12-2219, 59-12-2220, 63H-1-205, 63N-3-602, 63N-3-603, 63N-3-604, 63N-3-605, 63N-3-606, 63N-3-607, 63N-3-608, 63N-3-609, 63N-3-610, 63N-3-611, 72-1-214, 72-1-304, 72-17-105, 73-10-36
Enrolled: 11-70-204, 17C-1-409, 17C-1-411, 17C-1-412, 17D-4-102, 17D-4-203, 59-1-306, 59-1-404, 59-2-924, 59-2-924.2, 59-12-103, 59-12-205, 59-12-302, 59-12-354, 59-12-402.1, 59-12-403, 59-12-603, 59-12-703, 59-12-802, 59-12-804, 59-12-1102, 59-12-1302, 59-12-1402, 59-12-2103, 59-12-2206, 59-12-2214, 59-12-2217, 59-12-2219, 59-12-2220, 63H-1-205, 63N-2-512, 63N-3-602, 63N-3-603, 63N-3-604, 63N-3-605, 63N-3-606, 63N-3-607, 63N-3-608, 63N-3-609, 63N-3-610, 63N-3-611, 63N-3-1403, 72-1-214, 72-1-304, 72-17-105, 73-10-36
Substitute #6: 11-70-204, 17C-1-409, 17C-1-411, 17C-1-412, 17D-4-102, 17D-4-203, 59-1-306, 59-1-404, 59-2-924, 59-2-924.2, 59-12-103, 59-12-205, 59-12-302, 59-12-354, 59-12-402.1, 59-12-403, 59-12-603, 59-12-703, 59-12-802, 59-12-804, 59-12-1102, 59-12-1302, 59-12-1402, 59-12-2103, 59-12-2206, 59-12-2214, 59-12-2217, 59-12-2219, 59-12-2220, 63H-1-205, 63N-2-512, 63N-3-602, 63N-3-603, 63N-3-604, 63N-3-605, 63N-3-606, 63N-3-607, 63N-3-608, 63N-3-609, 63N-3-610, 63N-3-611, 63N-3-1403, 72-1-214, 72-1-304, 72-17-105, 73-10-36