Higher Education Development Areas

Converted document format from House amendment excerpts to formal substitute bill structure with proper title page, sponsor information, and organized sections.

Removed amendment markup symbols (Ĥ→, ←Ĥ) and line number references while preserving all substantive legislative text.

Reorganized content to follow standard bill formatting with LONG TITLE, General Description, Highlighted Provisions, and Utah Code Sections Affected sections.

Changed the reference date for 'eligible university property' from May 7, 2025 to January 1, 2025.

Changed the reference date for existing community reinvestment project areas from May 7, 2025 to January 1, 2025.

Changed the reference date for existing housing and transit reinvestment zones from May 7, 2025 to January 1, 2025.

Line breaks and spacing were adjusted throughout the document, but all substantive text, legal requirements, and policy provisions remain unchanged.

The definition of 'development area' was modified to include a maximum size limit of 75 acres and changed to apply to both development and redevelopment.

A new definition for 'development partner' was added to describe a person entering into a development agreement with a university.

A new definition for 'privilege tax' was added to clarify it refers to the tax imposed under Section 59-4-101.

The requirement for a designation resolution was modified to include a sunset date of January 1, 2035, limiting when universities can designate development areas.

The exemption from privilege tax on leased property was removed, meaning universities must now pay privilege tax on property they lease to private persons within a development area.

A new provision was added requiring the county treasurer to distribute privilege tax revenue collected on leased property to the university.

Added requirement for Utah Board of Higher Education approval before a university can designate a development area, replacing the previous Transportation and Infrastructure Appropriations Subcommittee approval.

Changed the approval authority from Transportation and Infrastructure Appropriations Subcommittee to Utah Board of Higher Education.

Added new definition for 'development partner' and modified 'development agreement' to require an agreement with a development partner.

Added new definition for 'development partner' meaning a person who enters into a development agreement with an eligible university.

Changed 'eligible university property' to mean property owned as of January 1, 2025, establishing a cutoff date for eligibility.

Added new size limitation requiring development areas to be no larger than 75 acres.

Changed privilege tax provision from exempting leased property to requiring payment of privilege tax, with revenue distributed to the institution by the county treasurer.

Added a sunset provision requiring designation resolutions to be adopted before January 1, 2035.