Bill > SB0129

This bill establishes a comprehensive framework for how Utah's higher education institutions can develop their own property by creating "Higher Education Development Areas" (HEDAs). The bill allows eligible universities to designate up to 75 contiguous acres of their owned property as a development area, subject to specific approval processes including obtaining permission from the Utah Board of Higher Education and holding public hearings. Universities must create a separate development fund to track all revenues and expenses related to the development, which can be used for expenses like capital projects, maintenance, and other university-related purposes. The bill includes strict conflict of interest provisions, requiring board of trustees members to disclose and recuse themselves from decisions where they or their family members might receive direct financial benefits. Additionally, leased properties within these development areas will be subject to a privilege tax, with 80% of the tax revenue distributed back to the university. Universities are also required to submit annual reports to the Higher Education Appropriations Subcommittee detailing the development progress and financial activities. The bill is set to take effect on May 7, 2025, unless approved earlier by a two-thirds majority in the state legislature.

Education, Government Affairs

https://le.utah.gov/~2025/bills/static/SB0129.html