(1) An extension approved by a taxing entity or taxing entity committee before May 10, 2011, is not subject to this section.

(2) (a) An agency's collection of tax increment under an urban renewal project area budget may be extended by: (i) following the project area budget amendment procedures outlined in Section 17C-2-206; or (ii) following the procedures outlined in this section. (b) The base taxable value for an urban renewal project area budget may not be altered as a result of an extension under this section unless otherwise expressly provided for in an interlocal agreement adopted in accordance with Subsection (3)(a).

(a) An agency's collection of tax increment under an urban renewal project area budget may be extended by: (i) following the project area budget amendment procedures outlined in Section 17C-2-206; or (ii) following the procedures outlined in this section.

(i) following the project area budget amendment procedures outlined in Section 17C-2-206; or

(ii) following the procedures outlined in this section.

(b) The base taxable value for an urban renewal project area budget may not be altered as a result of an extension under this section unless otherwise expressly provided for in an interlocal agreement adopted in accordance with Subsection (3)(a).

(3) To extend under this section the project area funds collection period under a previously approved project area budget, the agency shall: (a) obtain the approval of the taxing entity through an interlocal agreement; (b) (i) hold a public hearing on the proposed extension in accordance with Subsection 17C-2-201(2)(d) in the same manner as required for a proposed project area budget; and (ii) provide notice of the hearing: (A) as required by Chapter 1, Part 8, Hearing and Notice Requirements; and (B) including the proposed project area budget's extension period; and (c) after obtaining the taxing entity's approval in accordance with Subsection (3)(a), at or after the public hearing, adopt a resolution approving the extension.

(a) obtain the approval of the taxing entity through an interlocal agreement;

(b) (i) hold a public hearing on the proposed extension in accordance with Subsection 17C-2-201(2)(d) in the same manner as required for a proposed project area budget; and (ii) provide notice of the hearing: (A) as required by Chapter 1, Part 8, Hearing and Notice Requirements; and (B) including the proposed project area budget's extension period; and

(i) hold a public hearing on the proposed extension in accordance with Subsection 17C-2-201(2)(d) in the same manner as required for a proposed project area budget; and

(ii) provide notice of the hearing: (A) as required by Chapter 1, Part 8, Hearing and Notice Requirements; and (B) including the proposed project area budget's extension period; and

(A) as required by Chapter 1, Part 8, Hearing and Notice Requirements; and

(B) including the proposed project area budget's extension period; and

(c) after obtaining the taxing entity's approval in accordance with Subsection (3)(a), at or after the public hearing, adopt a resolution approving the extension.

(4) After the project area funds collection period expires, an agency may continue to receive project area funds from those taxing entities that agree to an extension through an interlocal agreement in accordance with Subsection (3)(a).

(5) (a) A person may contest the agency's adoption of an extension within 30 days after the day on which the agency adopts the resolution providing for the extension. (b) A person who fails to contest an extension under Subsection (5)(a): (i) shall forfeit any claim against the agency's adoption of the extension; and (ii) may not contest: (A) a distribution of tax increment to the agency under the budget, as extended; or (B) an agency's use of tax increment under the budget, as extended.

(a) A person may contest the agency's adoption of an extension within 30 days after the day on which the agency adopts the resolution providing for the extension.

(b) A person who fails to contest an extension under Subsection (5)(a): (i) shall forfeit any claim against the agency's adoption of the extension; and (ii) may not contest: (A) a distribution of tax increment to the agency under the budget, as extended; or (B) an agency's use of tax increment under the budget, as extended.

(i) shall forfeit any claim against the agency's adoption of the extension; and

(ii) may not contest: (A) a distribution of tax increment to the agency under the budget, as extended; or (B) an agency's use of tax increment under the budget, as extended.

(A) a distribution of tax increment to the agency under the budget, as extended; or

(B) an agency's use of tax increment under the budget, as extended.