§ 17C-1-410. Agency may make payments to other taxing entities.

(1) Subject to Subsection (3), an agency may grant tax increment or other agency funds to a taxing entity to offset some or all of the tax revenues that the taxing entity did not receive because of tax increment paid to the agency.

(2)

(a) Subject to Subsection (3), an agency may use tax increment or other agency funds to pay to a school district an amount of money that the agency determines to be appropriate to alleviate a financial burden or detriment borne by the school district because of the urban renewal, economic development, or community development.

(b) Each agency that agrees to pay money to a school district under the authority of Subsection (2)(a) shall provide a copy of that agreement to the State Board of Education.

(3)

(a) If an agency intends to pay agency funds to one or more taxing entities under Subsection (1) or (2) but does not intend to pay funds to all taxing entities in proportionally equal amounts, the agency shall provide written notice to each taxing entity of its intent.

(b)

(i) A taxing entity receiving notice under Subsection (3)(a) may elect not to have its tax increment collected and used to pay funds to other taxing entities under this section.

(ii) Each election under Subsection (3)(b)(i) shall be:

(A) in writing; and

(B) delivered to the agency within 30 days after the taxing entity's receipt of the notice under Subsection (3)(a).

(c) If a taxing entity makes an election under Subsection (3)(b), the portion of that taxing entity's tax increment that would have been used by the agency to pay funds under this section to one or more other taxing entities may not be collected by the agency.

Amended by Chapter 364, 2007 General Session