Plan hearing -- Implementation plan -- Use of an agency's property tax revenue -- Eminent domain

(1) Before an agency may levy a property tax, an agency board shall hold a plan hearing in accordance with Chapter 1, Part 8, Hearing and Notice Requirements, to: (a) adopt an implementation plan that: (i) contains a boundary description and a map of the geographic area within which the agency will use the agency's property tax revenue; (ii) contains a general description of the existing land uses, zoning, infrastructure conditions, population densities, and demographics of the area described in Subsection (1)(b)(i); (iii) describes the physical, social, and economic conditions that exist in the area described in Subsection (1)(b)(i); (iv) describes the goals and strategies that will guide the agency's use of property tax revenue; (v) shows how agency-wide project development will further the purposes of this title; (vi) is consistent with the general plan of the community that created the agency and shows that agency-wide project development will conform to the community's general plan; (vii) generally describes the type of financial assistance and tools that the agency anticipates providing to participants; (viii) includes an analysis or description of the anticipated public benefits resulting from agency-wide project development, including benefits to economic activity and taxing entities' tax bases; (ix) includes any identified geographic target areas within which the agency will focus investment; and (x) includes other information that the agency determines to be necessary or advisable; (b) inform the public about: (i) the amount of revenue that the agency will receive as property tax revenue that a participating taxing entity would have otherwise received; (ii) the property tax rate that the agency will levy; (iii) any changes to the use of revenue; and (iv) how the agency will be using property tax revenue under the implementation plan; and (c) allow individuals present at the plan hearing to comment on the proposed property tax. (2) An agency that levies a property tax under this part shall allocate an amount of property tax revenue for housing: (a) in an amount that is the same as the agency's housing allocation under Section 17C-5-307 before entering into an interlocal agreement under Section 17C-1-1002; and (b) for a period of time that is the same as the agency's project area funds collection period before entering into an interlocal agreement under Section 17C-1-1002. (3) (a) Except as provided in Subsection (3)(b), an agency that levies a property tax under this part may not use eminent domain to acquire property for agency-wide project development. (b) An agency that levies a property tax under this part may use eminent domain for an urban renewal project area or a community reinvestment project area in accordance with Part 9, Eminent Domain.