Section 11-58-602 - Allowable uses of property tax differential and other funds(1)(a) The authority may use money from property tax differential, money the authority receives from the state, money the authority receives under Subsection 59-12-205(2)(a)(ii)(C), and other money available to the authority: (i) for any purpose authorized under this chapter;(ii) for administrative, overhead, legal, consulting, and other operating expenses of the authority;(iii) to pay for, including financing or refinancing, all or part of the development of land within a project area, including assisting the ongoing operation of a development or facility within the project area;(iv) to pay the cost of the installation and construction of public infrastructure and improvements within the project area from which the property tax differential funds were collected;(v) to pay the cost of the installation of public infrastructure and improvements outside a project area if the board determines by resolution that the infrastructure and improvements are of benefit to the project area;(vi) to pay to a community reinvestment agency for affordable housing, as provided in Subsection 11-58-606(2);(vii) to pay the principal and interest on bonds issued by the authority;(viii) to pay the cost of acquiring a conservation easement on land that is part of or adjacent to authority jurisdictional land:(A) for the perpetual preservation of the land from development; and(B) to provide a buffer area between authority jurisdictional land intended for development and land outside the boundary of the authority jurisdictional land; and(ix) subject to Subsection (1)(b), to encourage, incentivize, or require development that: (A) mitigates noise, air pollution, light pollution, surface and groundwater pollution, and other negative environmental impacts;(B) mitigates traffic congestion; or(C) uses high efficiency building construction and operation.(b)(i)(A) The authority shall establish minimum mitigation and environmental standards that a landowner is required to meet to qualify for the use of property tax differential under Subsection (1)(a)(ix) in the landowner's development.(B) Minimum mitigation and environmental standards established under Subsection (1)(b)(i)(A) shall include a standard prohibiting the use of property tax differential as a business recruitment incentive, as defined in Section 11-58-603, for new commercial or industrial development or an expansion of existing commercial or industrial development within the authority jurisdictional land if the new or expanded development will consume on an annual basis more than 200,000 gallons of potable water per day.(ii) In establishing minimum mitigation and environmental standards, the authority shall consult with: (A) the municipality in which the development is expected to occur, for development expected to occur within a municipality; or(B) the county in whose unincorporated area the development is expected to occur, for development expected to occur within the unincorporated area of a county.(iii) The authority may not use property tax differential under Subsection (1)(a)(viii) for a landowner's development in a project area unless the minimum mitigation and environmental standards are followed with respect to that landowner's development.(2) The authority may use revenue generated from the operation of public infrastructure operated by the authority or improvements, including an intermodal facility, operated by the authority to:(a) operate and maintain the infrastructure or improvements; and(b) pay for authority operating expenses, including administrative, overhead, and legal expenses.(3) The determination of the board under Subsection (1)(a)(v) regarding benefit to the project area is final.(4) The authority may not use property tax differential revenue collected from one project area for a development project within another project area.(5) The authority may use up to 10% of the general differential revenue generated from a project area to pay for affordable housing within or near the project area.(6) The authority may share general differential funds with a taxing entity that levies a property tax on land within the project area from which the general differential is generated.Amended by Chapter 535, 2024 General Session ,§ 9, eff. 7/1/2024.Amended by Chapter 259, 2023 General Session ,§ 12, eff. 3/14/2023.Amended by Chapter 82, 2022 General Session ,§ 11, eff. 3/21/2022.Amended by Chapter 126, 2020 General Session ,§ 17, eff. 3/24/2020.Amended by Chapter 399, 2019 General Session ,§ 15, eff. 3/27/2019.Amended by Chapter 1, 2018SP2 General Session ,§ 15, eff. 7/21/2018.Added by Chapter 179, 2018 General Session ,§ 25, eff. 3/16/2018.