Consent of taxing entity committee required for economic development project area budget -- Exception

(1) (a) Except as provided in Subsection (1)(b) and subject to Subsection (2), each agency shall obtain the consent of the taxing entity committee for each economic development project area budget under a post-June 30, 1993 economic development project area plan before the agency may collect any tax increment from the project area. (b) For an economic development project area budget adopted from July 1, 1998 through May 1, 2000 that allocates 20% or more of the tax increment for housing as provided in Section 17C-1-412, an agency: (i) need not obtain the consent of the taxing entity committee for the project area budget; and (ii) may not receive any tax increment from all or part of the project area until after: (A) the loan fund board has certified the project area budget as complying with the requirements of Section 17C-1-412; and (B) the board has approved and adopted the project area budget by a two-thirds vote. (2) (a) Before a taxing entity committee may consent to an economic development project area budget adopted on or after May 1, 2000 that allocates 20% of tax increment for housing under Subsection 17C-3-202(2)(a) or (3), the agency shall: (i) adopt a housing plan showing the uses for the housing funds; and (ii) provide a copy of the housing plan to the taxing entity committee and the loan fund board. (b) If an agency amends a housing plan prepared under Subsection (2)(a), the agency shall provide a copy of the amendment to the taxing entity committee and the loan fund board.