(1) (a) The authority may: (i) subject to Subsection (1)(b): (A) receive up to 75% of the property tax allocation for up to 25 years, as provided in this part; and (B) after the time period described in Subsection (1)(a)(i)(A) expires, receive up to 75% of the property tax allocation for up to 15 years, if the board determines the additional years will produce significant benefit; and (ii) use the property tax allocation before, during, and after the period described in Subsection (1)(a)(i). (b) With respect to a parcel located within a project area, the 25-year period described in Subsection (1)(a)(i)(A) shall begin on the day on which the authority receives the first property tax allocation from that parcel.

(a) The authority may: (i) subject to Subsection (1)(b): (A) receive up to 75% of the property tax allocation for up to 25 years, as provided in this part; and (B) after the time period described in Subsection (1)(a)(i)(A) expires, receive up to 75% of the property tax allocation for up to 15 years, if the board determines the additional years will produce significant benefit; and (ii) use the property tax allocation before, during, and after the period described in Subsection (1)(a)(i).

(i) subject to Subsection (1)(b): (A) receive up to 75% of the property tax allocation for up to 25 years, as provided in this part; and (B) after the time period described in Subsection (1)(a)(i)(A) expires, receive up to 75% of the property tax allocation for up to 15 years, if the board determines the additional years will produce significant benefit; and

(A) receive up to 75% of the property tax allocation for up to 25 years, as provided in this part; and

(B) after the time period described in Subsection (1)(a)(i)(A) expires, receive up to 75% of the property tax allocation for up to 15 years, if the board determines the additional years will produce significant benefit; and

(ii) use the property tax allocation before, during, and after the period described in Subsection (1)(a)(i).

(b) With respect to a parcel located within a project area, the 25-year period described in Subsection (1)(a)(i)(A) shall begin on the day on which the authority receives the first property tax allocation from that parcel.

(2) Improvements on a parcel within a project area become subject to property tax on January 1 immediately following the day on which the authority or an entity designated by the authority issues a certificate of occupancy with respect to those improvements.

(3) (a) If the authority or an entity designated by the authority has not issued a certificate of occupancy for a private parcel within a project area, the private parcel owner shall enter into a contract with the authority to make an annual payment to the authority: (i) that is equal to 1.2% of the taxable value of the parcel above the base taxable value of the parcel; and (ii) until the parcel becomes subject to the property tax described in Subsection (2). (b) The authority may use the revenue from payments described in Subsection (3)(a) for any purpose described in Subsection 63H-1-502(1).

(a) If the authority or an entity designated by the authority has not issued a certificate of occupancy for a private parcel within a project area, the private parcel owner shall enter into a contract with the authority to make an annual payment to the authority: (i) that is equal to 1.2% of the taxable value of the parcel above the base taxable value of the parcel; and (ii) until the parcel becomes subject to the property tax described in Subsection (2).

(i) that is equal to 1.2% of the taxable value of the parcel above the base taxable value of the parcel; and

(ii) until the parcel becomes subject to the property tax described in Subsection (2).

(b) The authority may use the revenue from payments described in Subsection (3)(a) for any purpose described in Subsection 63H-1-502(1).

(4) Each county that collects property tax on property within a project area shall pay and distribute to the authority the property tax allocation and dedicated tax collections that the authority is entitled to collect under this title, in the manner and at the time provided in Section 59-2-1365.

(5) (a) The board shall determine by resolution when the entire project area or an individual parcel within a project area is subject to property tax allocation. (b) The board shall amend the project area budget to reflect whether a parcel within a project area is subject to property tax allocation.

(a) The board shall determine by resolution when the entire project area or an individual parcel within a project area is subject to property tax allocation.

(b) The board shall amend the project area budget to reflect whether a parcel within a project area is subject to property tax allocation.

(6) The following property owned by the authority is not subject to any property tax under Title 59, Chapter 2, Property Tax Act, or any privilege tax under Title 59, Chapter 4, Privilege Tax, regardless of whether the authority enters into a long-term operating agreement with a privately owned entity under which the privately owned entity agrees to operate the property: (a) a hotel; (b) a hotel condominium unit in a condominium project, as defined in Section 57-8-3; and (c) a commercial condominium unit in a condominium project, as defined in Section 57-8-3.

(a) a hotel;

(b) a hotel condominium unit in a condominium project, as defined in Section 57-8-3; and

(c) a commercial condominium unit in a condominium project, as defined in Section 57-8-3.