11-70-401. Enhanced property tax revenue to be paid to fairpark district -- Reporting.
(1) Subject to Subsection, the fairpark district shall be paid 90% of enhanced property tax revenue generated from each parcel of privately owned land within the fairpark district boundary: (5) beginning the tax year that begins on January 1, 2025; and until the transition date for that parcel.
(2) Subject to Subsection, during the payment period the fairpark district shall be paid up to 100% of enhanced property tax revenue: (5) generated from designated parcels of privately owned land within a project area; and as the board specifies in a designation resolution adopted in consultation with a qualified owner.
(3) For purposes of the payment of enhanced property tax revenue under this section, a payment period shall begin, as specified in the designation resolution, on January 1 of a year that begins after the designation resolution is adopted.
(4) For purposes of this section, the fairpark district may designate an improved portion of a parcel in a project area as a separate parcel. A fairpark district designation of an improved portion of a parcel as a separate parcel under Subsectiondoes not constitute a subdivision, as defined in Sectionor Section. (4)(a) 10-20-102 17-79-102 A county recorder shall assign a separate tax identification number to the improved portion of a parcel designated by the fairpark district as a separate parcel under Subsection. (4)(a)
(5) A host municipality shall be paid a minimum of 25% of the enhanced property tax revenue generated by a property tax imposed by the host municipality to reimburse the host municipality for services the host municipality provides to a project area in accordance with Subsection, with the exact amount determined in an agreement between the host municipality and the fairpark district. 11-70-206(6)(c)
(6) The fairpark district shall comply with the requirements described in Title 59, Chapter 35, Tax Increment Financing Reporting.