(1) (a) The authority: (i) subject to Subsections (1)(b), (c), and (d): (A) shall be paid 100% of the property tax differential, as provided in Subsection (3), for a period of 25 years after a certificate of occupancy is issued with respect to improvements on a parcel, as determined by the board and as provided in this part; and (B) may be paid up to 100% of the property tax differential, as provided in Subsection (3), for a period of 15 additional years beyond the period stated in Subsection (1)(a)(i)(A) if the board determines that the additional years of property tax differential will produce a significant benefit; and (ii) may use the property tax differential before, during, and after the period described in Subsection (1)(a)(i). (b) With respect to a parcel located within a project area, the period described in Subsection (1)(a)(i) begins on the day on which the authority receives the first property tax differential from that parcel. (c) The authority may not receive property tax differential from: (i) an area included within a community reinvestment project area under a community reinvestment project area plan, as defined in Section 17C-1-102, adopted before October 1, 2018, from a taxing entity that has, before October 1, 2018, entered into a fully executed, legally binding agreement under which the taxing entity agrees to the use of its tax increment, as defined in Section 17C-1-102, under the community reinvestment project area plan; or (ii) a parcel of land for which a certificate of occupancy was issued before December 1, 2018. (d) (i) As used in this Subsection (1)(d): (A) "Agency land" means authority jurisdictional land that is within the boundary of an eligible community reinvestment agency and from which the authority is paid property tax differential. (B) "Eligible community reinvestment agency" means the community reinvestment agency in which agency land is located. (ii) The authority shall pay 10% of the property tax differential generated from agency land to the eligible community reinvestment agency, to be used for affordable housing as provided in Section 17C-1-412.

(a) The authority: (i) subject to Subsections (1)(b), (c), and (d): (A) shall be paid 100% of the property tax differential, as provided in Subsection (3), for a period of 25 years after a certificate of occupancy is issued with respect to improvements on a parcel, as determined by the board and as provided in this part; and (B) may be paid up to 100% of the property tax differential, as provided in Subsection (3), for a period of 15 additional years beyond the period stated in Subsection (1)(a)(i)(A) if the board determines that the additional years of property tax differential will produce a significant benefit; and (ii) may use the property tax differential before, during, and after the period described in Subsection (1)(a)(i).

(i) subject to Subsections (1)(b), (c), and (d): (A) shall be paid 100% of the property tax differential, as provided in Subsection (3), for a period of 25 years after a certificate of occupancy is issued with respect to improvements on a parcel, as determined by the board and as provided in this part; and (B) may be paid up to 100% of the property tax differential, as provided in Subsection (3), for a period of 15 additional years beyond the period stated in Subsection (1)(a)(i)(A) if the board determines that the additional years of property tax differential will produce a significant benefit; and

(A) shall be paid 100% of the property tax differential, as provided in Subsection (3), for a period of 25 years after a certificate of occupancy is issued with respect to improvements on a parcel, as determined by the board and as provided in this part; and

(B) may be paid up to 100% of the property tax differential, as provided in Subsection (3), for a period of 15 additional years beyond the period stated in Subsection (1)(a)(i)(A) if the board determines that the additional years of property tax differential will produce a significant benefit; and

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

(b) With respect to a parcel located within a project area, the period described in Subsection (1)(a)(i) begins on the day on which the authority receives the first property tax differential from that parcel.

(c) The authority may not receive property tax differential from: (i) an area included within a community reinvestment project area under a community reinvestment project area plan, as defined in Section 17C-1-102, adopted before October 1, 2018, from a taxing entity that has, before October 1, 2018, entered into a fully executed, legally binding agreement under which the taxing entity agrees to the use of its tax increment, as defined in Section 17C-1-102, under the community reinvestment project area plan; or (ii) a parcel of land for which a certificate of occupancy was issued before December 1, 2018.

(i) an area included within a community reinvestment project area under a community reinvestment project area plan, as defined in Section 17C-1-102, adopted before October 1, 2018, from a taxing entity that has, before October 1, 2018, entered into a fully executed, legally binding agreement under which the taxing entity agrees to the use of its tax increment, as defined in Section 17C-1-102, under the community reinvestment project area plan; or

(ii) a parcel of land for which a certificate of occupancy was issued before December 1, 2018.

(d) (i) As used in this Subsection (1)(d): (A) "Agency land" means authority jurisdictional land that is within the boundary of an eligible community reinvestment agency and from which the authority is paid property tax differential. (B) "Eligible community reinvestment agency" means the community reinvestment agency in which agency land is located. (ii) The authority shall pay 10% of the property tax differential generated from agency land to the eligible community reinvestment agency, to be used for affordable housing as provided in Section 17C-1-412.

(i) As used in this Subsection (1)(d): (A) "Agency land" means authority jurisdictional land that is within the boundary of an eligible community reinvestment agency and from which the authority is paid property tax differential. (B) "Eligible community reinvestment agency" means the community reinvestment agency in which agency land is located.

(A) "Agency land" means authority jurisdictional land that is within the boundary of an eligible community reinvestment agency and from which the authority is paid property tax differential.

(B) "Eligible community reinvestment agency" means the community reinvestment agency in which agency land is located.

(ii) The authority shall pay 10% of the property tax differential generated from agency land to the eligible community reinvestment agency, to be used for affordable housing as provided in Section 17C-1-412.

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

(3) Until the end of the period described in Subsection (1)(a)(i), the county shall pay to the authority all property tax differential collected from a parcel within a project area, beginning: (a) for a parcel that is part of the authority jurisdictional land, November 2019; and (b) for a parcel in any other project area, November of the year following the year that forms the basis of the base taxable value calculation.

(a) for a parcel that is part of the authority jurisdictional land, November 2019; and

(b) for a parcel in any other project area, November of the year following the year that forms the basis of the base taxable value calculation.