Process for proposing a convention center reinvestment zone

(1) On or before December 31, 2027, to create a convention center reinvestment zone under this part, the Governor's Office of Economic Development shall, after consulting with and giving notice to the related eligible municipality and county, provide a proposal for a convention center reinvestment zone to the housing and transit reinvestment zone committee. (2) The Governor's Office of Economic Development shall ensure that a proposal for the creation of a convention center reinvestment zone includes the following information and data that: (a) defines the boundary of the proposed convention center reinvestment zone; (b) describes generally the proposed development plan; (c) identifies a base year and collection period to calculate the property tax increment within the convention center reinvestment zone; (d) specifies a sales and use tax base year to calculate the sales and use tax increment within the convention center reinvestment zone in accordance with Section 63N-23-306; (e) provides estimated project and investment objectives for the convention center reinvestment zone; and (f) outlines generally the impacts on transportation in and around the proposed convention center reinvestment zone. (3) A proposal by the Governor's Office of Economic Development for a convention center reinvestment zone shall demonstrate how the information and data provided in the proposal described in Subsection (2) furthers the objectives described in Section 63N-23-301 and is in the public interest. (4) After submitting the proposal as described in Subsection (2), the Governor's Office of Economic Development shall provide notice of the proposal to all affected taxing entities, including the State Tax Commission, cities, counties, school districts, metropolitan planning organizations, and the county assessor and county auditor of the county in which the convention center reinvestment zone is located. (5) After receiving notice from the Governor's Office of Economic Development of a proposed convention center reinvestment zone as described in Subsection (4), the State Tax Commission shall, within 14 days: (a) evaluate the feasibility of administering the tax implications of the proposal; and (b) provide a letter to the Governor's Office of Economic Development describing any challenges in the administration of the proposal, or indicating that the State Tax Commission can feasibly administer the proposal. (6) Beginning January 1, 2028, the Governor's Office of Economic Development may not propose, and the committee may not consider, the creation of a convention center reinvestment zone.