(1)Upon receipt of an application described in Section 63N-3-1404, a local government shall review the application and, if the application is complete, may negotiate with the applicant to develop:
(1)(a) a description of a proposed project area that meets the requirements of Section 63N-3-1402; and
(1)(b) a proposed participation agreement with the applicant, which agreement shall contain:
(1)(b)(i) a map or description of the project area;
(1)(b)(ii) a description of the type and extent of each type of tax or other revenue that would be available to the applicant within the project area if the applicant is approved as a project participant;
(1)(b)(iii) the location and footprint of the qualified stadium, and if applicable, the location, footprint, and design of any proposed future or rem
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(1) Upon receipt of an application described in Section 63N-3-1404, a local government shall review the application and, if the application is complete, may negotiate with the applicant to develop:
(1)(a) a description of a proposed project area that meets the requirements of Section 63N-3-1402; and
(1)(b) a proposed participation agreement with the applicant, which agreement shall contain:
(1)(b)(i) a map or description of the project area;
(1)(b)(ii) a description of the type and extent of each type of tax or other revenue that would be available to the applicant within the project area if the applicant is approved as a project participant;
(1)(b)(iii) the location and footprint of the qualified stadium, and if applicable, the location, footprint, and design of any proposed future or remodeled qualified stadium;
(1)(b)(iv) if a qualified stadium is to be constructed, remodeled, or replaced, requirements and plans for the design, remodel, operation, and other terms related to the existing or new qualified stadium;
(1)(b)(v) a master plan that:
(1)(b)(v)(A) provides an overview of challenges and issues to be addressed within the project area, including land use, infrastructure, economic issues, and public safety issues;
(1)(b)(v)(B) provides a 30-year plan for the physical development and the ongoing management of the project area, including maps, plats, charts, drawings, time lines, and descriptive, explanatory, and other related information that supports and demonstrates the plan; and
(1)(b)(v)(C) provides a specific plan for each of the following subject areas, each of which shall include, to the extent possible, detailed and specific information on projects and time lines for the named subject area, and where specific details cannot be provided, provides a list of specific goals, planned outcomes, and time lines for achieving those goals and outcomes:
(1)(b)(v)(C)(I) a financial plan, including the planned sources, uses, distribution, and time lines for the use of funds and revenue;
(1)(b)(v)(C)(II) a land use plan, including designs, ownership, demolition, construction, and time lines, including plans for modification of roads and infrastructure layout, removal or construction of buildings, and creation of new spaces, facilities, and landmarks;
(1)(b)(v)(C)(III) a public asset plan, including plans for modifications, renovations, and use scenarios for existing buildings and public assets within the project area, including buildings owned by a city or county, features, and other public assets that will be affected by revitalization of the project area;
(1)(b)(v)(C)(IV) a public safety plan, including plans for mitigating crime and ensuring safety and physical security within the project area;
(1)(b)(v)(C)(V) a homelessness mitigation plan, including plans to provide resources for homeless individuals and to mitigate and manage camping and other related social issues within the project area;
(1)(b)(v)(C)(VI) a transportation plan, including plans to enable access to and from, and public transportation, vehicle, and pedestrian traffic flow within the project area; and
(1)(b)(v)(C)(VII) a parking plan, including estimates for parking needs and plans for accommodating those needs within the project area;
(1)(b)(vi) a provision that the local government may not provide, and that a project participant may not receive, a direct subsidy;
(1)(b)(vii) (1)(b)(vii)(A) the maximum dollar amount that may be used for, or for the benefit of, the project participant, as required under Subsection 63N-3-1403(3); and
(1)(b)(vii)(B) a clear description of what fund and revenue uses will or will not be considered for the benefit of the project participant and therefore subject to the limit required under Subsection 63N-3-1403(3);
(1)(b)(viii) terms, procedures, and remedies related to breach of a participation agreement, which shall contain:
(1)(b)(viii)(A) specific descriptions of what constitutes breach of the participation agreement;
(1)(b)(viii)(B) a requirement that access to funds ceases and that a project participant shall repay to the local government the full amount of revenue or funds received subject to Subsection 63N-3-1403(3) if the major professional sports league team leaves or ceases to use a qualified stadium as its exclusive home stadium, subject to any additional terms agreed to in the participation agreement;
(1)(b)(viii)(C) a description of all remedies available to the local government in association with a breach; and
(1)(b)(viii)(D) designation of a guarantor, security interests, or other measures to ensure repayment of revenue and funds in the event of a breach;
(1)(b)(ix) procedures and penalties that apply in the event that the local government or project participant fails to meet requirements, goals, or objectives set under Subsection (1)(b)(v);
(1)(b)(x) an acknowledgment that the parties to the agreement are subject to the requirements of this part;
(1)(b)(xi) any additional obligations, terms, or conditions mutually agreed upon by the local government and the project participant; and
(1)(b)(xii) may contain:
(1)(b)(xii)(A) any terms and conditions that affect a project participant's ability to receive or use project area funds;
(1)(b)(xii)(B) any terms or agreements regarding the qualified stadium and its associated property, including ownership, management, maintenance, operation, revenue sharing, or other agreements;
(1)(b)(xii)(C) terms, procedures, or remedies related to breach of a participation agreement; and
(1)(b)(xii)(D) any other relevant agreement between the applicant and the local government.
(2) Before finalizing a proposed project area under Subsection (3), a local government shall ensure that any zoning modifications or requirements within the project area are complete.
(3) If the applicant and the local government develop a proposed project area and a proposed participation agreement as described in Subsection (1), the local government shall, no later than September 1, 2024, provide notice of the proposed agreement and provide a copy of the application, the proposed project area, and the proposed participation agreement to:
(3)(a) the legislative body of the local government; and
(3)(b) the Revitalization Zone Committee.