(1) This section applies to tax increment under a post-June 30, 1993, project area plan adopted before May 1, 2006, only.

(2) A board may provide in the project area budget for the agency to be paid: (a) if 20% of the project area budget is allocated for housing under Section 17C-2-203: (i) 100% of annual tax increment for 15 years; (ii) 75% of annual tax increment for 24 years; or (iii) if approved by the taxing entity committee, any percentage of tax increment up to 100%, or any specified dollar amount, for any period of time; or (b) if 20% of the project area budget is not allocated for housing under Section 17C-2-203: (i) 100% of annual tax increment for 12 years; (ii) 75% of annual tax increment for 20 years; or (iii) if approved by the taxing entity committee, any percentage of tax increment up to 100%, or any specified dollar amount, for any period of time.

(a) if 20% of the project area budget is allocated for housing under Section 17C-2-203: (i) 100% of annual tax increment for 15 years; (ii) 75% of annual tax increment for 24 years; or (iii) if approved by the taxing entity committee, any percentage of tax increment up to 100%, or any specified dollar amount, for any period of time; or

(i) 100% of annual tax increment for 15 years;

(ii) 75% of annual tax increment for 24 years; or

(iii) if approved by the taxing entity committee, any percentage of tax increment up to 100%, or any specified dollar amount, for any period of time; or

(b) if 20% of the project area budget is not allocated for housing under Section 17C-2-203: (i) 100% of annual tax increment for 12 years; (ii) 75% of annual tax increment for 20 years; or (iii) if approved by the taxing entity committee, any percentage of tax increment up to 100%, or any specified dollar amount, for any period of time.

(i) 100% of annual tax increment for 12 years;

(ii) 75% of annual tax increment for 20 years; or

(iii) if approved by the taxing entity committee, any percentage of tax increment up to 100%, or any specified dollar amount, for any period of time.