(1) Upon receipt of a local government's application for a regional tourism project, the director or the director's designee shall review the application and shall make an initial determination regarding whether the application has met the criteria for a regional tourism project specified in section 24-46-304.

(2) (a) Upon review of each application for completeness, the director shall forward the application to any county or counties where the regional tourism project will be implemented and to municipalities adjacent to where the regional tourism project will be implemented for an opportunity to review the application and submit comments to the commission. The director shall provide such counties and municipalities with the application at least thirty days prior to the public hearing held pursuant to subsection (3) of this section. The director shall also forward the application to the commission with a recommendation that the commission approve or deny the application or approve the application with conditions; except that the commission shall not approve any project that, if approved, would likely create a state sales tax revenue dedication of more than fifty million dollars to all regional tourism projects in any given year.

(b) The commission shall not approve more than two initial projects pursuant to this subsection (2).

(c) On or after May 31, 2014, but prior to January 1, 2016, the commission may approve two new regional tourism projects.

(3) The commission shall hold a public hearing, subject to the provisions of the "Colorado Sunshine Act of 1972", article 6 of this title, to review and consider the application. After the hearing has been held, the commission shall review each application and give consideration to the director's recommendations. The commission shall take action on the application within a reasonable time after submission. If the commission approves the application, it shall adopt a resolution specifying the following:

(a) The local government that has been approved to undertake a regional tourism project;

(b) The area of the regional tourism zone;

(c) Whether the commission has authorized the creation of a regional tourism authority; and

(d) The total cumulative dollar amount and percentage of the state sales tax increment revenue that will be dedicated to the regional tourism project. Such percentage shall be set at a value that in the best estimation of the commission will result in only the net new revenue likely created by the project and related development being dedicated to the financing entity and shall exclude any sales tax revenue the state would likely have received without the project and development. The total cumulative dollar amount and percentage of the sales tax increment revenue that can be dedicated to the regional tourism project shall not exceed the third-party analyst's calculation of the total cumulative dollar amount and percentage of sales tax increment revenue that can be dedicated to the regional tourism project, as reported pursuant to section 24-46-304 (2)(i), by more than fifty percent; except that the commission may determine a total cumulative dollar amount and percentage of the sales tax increment revenue that can be dedicated to the regional tourism project that exceeds the third-party analyst's calculations by more than fifty percent by a unanimous vote of all members of the commission.

(4) As part of the approval of a regional tourism project, the commission shall authorize the department of revenue to collect the percentage of the state sales tax increment revenue set by the commission pursuant to paragraph (d) of subsection (3) of this section on behalf of the approved financing entity and shall authorize the financing entity to receive and utilize the state sales tax increment revenue for the duration of the financing term. In implementing such authorization, the department of revenue shall remit such revenue to the financing entity on a monthly basis promptly after collection. The commission shall authorize the utilization of the state sales tax increment revenue by the financing entity pursuant to this part 3 and any conditions of approval imposed by the commission and incorporated in writing into the commission's resolution of approval.

(4.5) The total amount of state sales tax increment revenue dedicated to the regional tourism project for the entire duration of the project shall not exceed the total cumulative dollar amount specified by the commission pursuant to paragraph (d) of subsection (3) of this section. The department of revenue shall track the annual and cumulative state sales tax increment revenue remitted to the financing entity for the project and shall notify the commission when cumulative payments approach the limits set by the commission for the commission's concurrence regarding the dollar limits. After the department of revenue has cumulatively remitted such total cumulative dollar amount to the financing entity pursuant to subsection (4) of this section, the department of revenue shall not remit any additional sales tax increment revenue from the state to the financing entity, even if the approved financing term is not completed. The department of revenue shall notify the commission if it is no longer remitting sales tax increment revenue to the financing entity because the financing entity has reached its total cumulative dollar amount of sales tax increment revenue.

(5) Following the commission's approval of an application, the commission shall promptly transmit written notice and a copy of the approval to the executive director of the department of revenue. Such transmittal shall include any information deemed necessary by the department of revenue to fulfill its obligations pursuant to this part 3.