7-15-4296. Aerospace transportation and technology districts. (1) A local governing body, by ordinance and following a public hearing, may authorize the creation of an aerospace transportation and technology district for aerospace transportation and technology infrastructure development projects if the proposed aerospace transportation and technology district:
     (a) consists of a continuous area with an accurately described boundary;
     (b) is zoned for use in accordance with the area master planning document;
     (c) does not include any property included within an existing urban renewal area district or industrial infrastructure development district created pursuant to this part;
     (d) is found to be deficient in infrastructure improvements for industrial development; and
     (e) has as its purpose the development of infrastructure to encourage the location and retention of aerospace transportation and technology infrastructure development projects in the state.
     (2) An aerospace transportation and technology district may use tax increment financing pursuant to the provisions of 7-15-4282 through 7-15-4293.

     History: En. Sec. 4, Ch. 269, L. 1999.