(1)This section applies to the payment and use of primary municipality differential.
(2)Beginning the first tax year that begins on or after January 1, 2023:
(2)(a) the authority shall be paid 25% of primary municipality differential:
(2)(a)(i) for the authority's use as provided in Subsection (4); and
(2)(a)(ii) (2)(a)(ii)(A) for a period of 25 years beginning January 1, 2023; and
(2)(a)(ii)(B) for a period of time, not to exceed an additional 15 years beyond the period stated in Subsection (2)(a)(ii)(A), if the board determines by resolution, adopted before the expiration of the 25-year period under Subsection (2)(a)(ii)(A), that the additional years will produce a significant benefit to the uses described in Subsection (4) and if the primary municipality and the authority agree to the
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(1) This section applies to the payment and use of primary municipality differential.
(2) Beginning the first tax year that begins on or after January 1, 2023:
(2)(a) the authority shall be paid 25% of primary municipality differential:
(2)(a)(i) for the authority's use as provided in Subsection (4); and
(2)(a)(ii) (2)(a)(ii)(A) for a period of 25 years beginning January 1, 2023; and
(2)(a)(ii)(B) for a period of time, not to exceed an additional 15 years beyond the period stated in Subsection (2)(a)(ii)(A), if the board determines by resolution, adopted before the expiration of the 25-year period under Subsection (2)(a)(ii)(A), that the additional years will produce a significant benefit to the uses described in Subsection (4) and if the primary municipality and the authority agree to the additional period of time;
(2)(b) the authority shall be paid, in addition to the amounts under Subsection (2)(a), a percentage, as defined in Subsection (3), of primary municipality differential for the authority's use as provided in Subsection (4); and
(2)(c) the primary municipality shall be paid, for the primary municipality's use for municipal operations, all primary municipality differential remaining after the payment of primary municipality differential to the authority as required under Subsections (2)(a) and (b).
(3) The percentage of primary municipality differential paid to the authority as provided in Subsection (2)(b):
(3)(a) shall be 40% for the first tax year that begins on or after January 1, 2023, decreasing 2% each year after the 2023 tax year, so that in 2029 the percentage is 28;
(3)(b) beginning January 1, 2030, and for a period of seven years, shall be 10%;
(3)(c) beginning January 1, 2037, and for a period of 11 years, shall be 8%; and
(3)(d) after 2047, shall be 0%.
(4) Of the primary municipality differential the authority receives, the authority shall use:
(4)(a) 40% for environmental mitigation projects within:
(4)(a)(i) the authority jurisdictional land; and
(4)(a)(ii) adjacent land to the authority jurisdictional land if the adjacent land is within the municipality from which the primary municipality differential was generated;
(4)(b) 40% for mitigation projects, which may include a regional traffic study and an environmental impact mitigation analysis, for communities that are:
(4)(b)(i) within the primary municipality;
(4)(b)(ii) adjacent to the authority jurisdictional land; and
(4)(b)(iii) west of the east boundary of the right of way of a fixed guideway used, as of January 1, 2022, for commuter rail within the primary municipality; and
(4)(c) 20% for economic development activities within:
(4)(c)(i) the authority jurisdictional land; and
(4)(c)(ii) adjacent land to the authority jurisdictional land if the adjacent land is within the municipality from which the primary municipality differential was generated.