Consideration of proposals by housing and transit reinvestment zone committee

(1) A first home investment zone proposed under this part is subject to approval by the housing and transit reinvestment zone committee. (2) After the Governor's Office of Economic Development receives the results of the analysis described in Section 63N-23-703, and after the Governor's Office of Economic Development has received a request from the submitting municipality to submit the first home investment zone proposal to the housing and transit reinvestment zone committee, the Governor's Office of Economic Development shall notify each of the relevant entities of the formation of the housing and transit reinvestment zone committee as described in Section 63N-23-102. (3) (a) The chair of the housing and transit reinvestment zone committee shall convene a public meeting to consider the proposed first home investment zone in the same manner as described in Section 63N-23-102. (b) A meeting of the housing and transit reinvestment zone committee is subject to Title 52, Chapter 4, Open and Public Meetings Act. (4) (a) The proposing municipality shall present the first home investment zone proposal to the housing and transit reinvestment zone committee in a public meeting. (b) The housing and transit reinvestment zone committee shall: (i) evaluate and verify whether the objectives and elements of a first home investment zone described in Subsections 63N-23-702(1), (2), and (4) have been met; and (ii) evaluate the proposed first home investment zone relative to the analysis described in Subsection 63N-23-703(2). (5) (a) Subject to Subsection (5)(b), the housing and transit reinvestment zone committee may: (i) request changes to the first home investment zone proposal based on the analysis, characteristics, and criteria described in Section 63N-23-703; or (ii) vote to approve or deny the proposal. (b) Before the housing and transit reinvestment zone committee may approve the first home investment zone proposal, the municipality proposing the first home investment zone shall ensure that the area of the proposed first home investment zone is zoned in such a manner to accommodate the requirements of a first home investment zone described in this section and the proposed development. (6) If a first home investment zone is approved by the committee: (a) the proposed first home investment zone is established according to the terms of the first home investment zone proposal; (b) affected local taxing entities are required to participate according to the terms of the first home investment zone proposal; and (c) each affected taxing entity is required to participate at the same rate. (7) A first home investment zone proposal may be amended by following the same procedure as approving a first home investment zone proposal.