Section 17C-1-1002 - Transferring project area incremental revenue - Agency may levy a property tax(1) An agency and an eligible taxing entity may enter into an interlocal agreement for the purpose of transferring all or a portion of the eligible taxing entity's project area incremental revenue.(2) An agency shall ensure that an interlocal agreement described in Subsection (1): (a) identifies each project area that is subject to the interlocal agreement;(b) is adopted by the board and the taxing entity in accordance with Section 17C-1-1003;(c) for each project area:(i) states the amount of project area incremental revenue that the eligible taxing entity agrees to transfer to the agency;(ii) states the year in which the eligible taxing entity will transfer the amount described in Subsection (2)(c)(i); and(iii) for the year described in Subsection (2)(c)(ii), requires the agency to add the project area incremental revenue transferred in the agency's budget;(d) includes a copy of the implementation plan described in Section 17C-1-1004;(e) requires the agency to dissolve, in accordance with Section 17C-1-702, any project area:(i) that is subject to the interlocal agreement; and(ii) for which the project area funds collection period will expire; and(f) is filed with the county auditor, the State Tax Commission, and the eligible taxing entity.(3) If an agency and an eligible taxing entity enter into an interlocal agreement under this section: (a) subject to Subsection (4) and Section 17C-1-1004, the agency may levy a property tax on taxable property within the agency's geographic boundaries; and(b) except as provided in Subsection (5), the agency may not:(i) create a new community reinvestment project area within the taxing entity's geographic boundaries; or(ii) amend a project area plan or budget if the amendment: (A) enlarges the project area from which tax increment is collected;(B) permits the agency to receive a greater amount of tax increment; or(C) extends the project area funds collection period.(4)(a) An agency may levy a property tax for a fiscal year that:(i) is after the year in which the agency receives project area incremental revenue; and(ii) begins on or after the January 1 on which the agency has authority to impose a property tax under this section.(b) An agency board shall calculate the agency's certified tax rate in accordance with Section 59-2-924.(c) An agency may levy a property tax rate that exceeds the agency's certified rate only if the agency complies with Sections 59-2-919 through 59-2-923.(5) For a cooperative development project or an economic development project, an agency may, in accordance with Chapter 5, Community Reinvestment: (a) create a new community reinvestment project area; or(b) amend a community reinvestment project area plan or budget.Added by Chapter 214, 2021 General Session ,§ 8, eff. 5/5/2021.