Major sporting event venue zone revenue

(1) The following are approved revenue sources for a major sporting event venue zone: (a) property tax increment for: (i) the major sporting event venue zone, for at least 25 years but no more than 40, as approved by the committee; and (ii) if applicable, the secondary project area, for at least 25 years but no more than 40, as approved by the committee; (b) local sales and use tax increment for the major sporting event venue zone, for at least 25 years but no more than 40, as approved by the committee; and (c) revenue generated by a tax described in Section 11-71-201. (2) Revenue generated from a source described in Subsection (1): (a) is major sporting event venue zone revenue; and (b) shall be administered by the creating entity or a fiscal agent designated by the creating entity. (3) If a creating entity designates a fiscal agent to administer major sporting event venue zone revenue, the creating entity and fiscal agent shall first enter into an interlocal agreement: (a) governing the administration, distribution, use, and management of major sporting event zone revenue; and (b) with terms that are consistent with this chapter and Title 63N, Chapter 3, Part 17, Major Sporting Event Venue Zone Act.