NOTICE IS HEREBY GIVEN Pursuant to Utah Code § 11-13-219 that on September 5, 2024, the Board of Trustees for TV Public Infrastructure District and the Board of Trustees for The Utah Inland Port Authority have adopted a Interlocal Tax Sharing Agreement.
- Parties to the Agreement:
- TV Public Infrastructure District, a political subdivision of the State of Utah.
- The Utah Inland Port Authority, a political subdivision of the State of Utah.
- The general subject matter of the agreement:
- The agreement is an interlocal tax sharing agreement.
- The parties agreed to terms relating to: payment of a tax differential to the district; limitations; invalidity; payment pledges; representations and warranties; construction of improvements; reporting; parcel splitting; development plans and permits; funding; payment of taxes and assessments; remedies; extensions; estoppel certificates; and other miscellaneous provisions.
- The term of the agreement is until the earlier to occur of (1) one year from the end of the Payment Period (including any extensions thereto) with respect to all parcels in the Project Area and (2) fifty years from the date of the agreement.
- A description of payment obligations, if any, of the parties to the agreement:
- For each calendar year during the applicable term, UIPA shall pay District 75% of the difference between the amount of Property Tax revenues generated each tax year by all Taxing Entities from the Site using the current assessed value of the property within the Site and the amount of Property Tax revenues that would be generated from that same area using the Base Taxable Value of the property.
- UIPA’s payment obligations are subject to certain exceptions or limitations.
TV Public Infrastructure District and The Utah Inland Port Authority shall each make a copy of the agreement available at their principal places of business during regular business hours for 30 days after publication of this Notice of Agreement.