Allowable property tax increment within a major sporting event venue zone

(1) A creating entity may receive and use property tax increment in accordance with this section and as described in Title 11, Chapter 71, Major Sporting Event Venue Zones. (2) (a) A county that collects property tax on property located within a qualified development zone shall, in accordance with Section 59-2-1365, distribute to the creating entity the percentage of property tax increment approved by the committee pursuant to Section 63N-3-1707, not to exceed 75%. (b) Property tax increment distributed to a creating entity in accordance with Subsection (2)(a): (i) is not revenue of the taxing entity or the creating entity; and (ii) constitutes major sporting event venue zone funds and shall be administered as described in Title 11, Chapter 71, Major Sporting Event Venue Zones. (3) (a) A creating entity may designate another local government entity to be the fiscal agent for property tax increment paid to the creating entity. (b) Before a fiscal agent may receive major sporting event venue zone funds from the creating entity, the creating entity and the fiscal agent shall enter into an agreement governing the use of the funds, consistent with this part and Title 11, Chapter 71, Major Sporting Event Venue Zones. (4) Once the maximum amount of property tax increment has been distributed to the creating entity, as approved by the committee pursuant to Section 63N-3-1707, the county that collects property tax on property located within a qualified development zone is no longer obligated to distribute property tax increment to the creating entity. (5) A creating entity and a creating entity's fiscal agent shall use major sporting event venue zone funds: (a) to achieve the purposes described in Subsections 63N-3-1702(1) and (2); (b) within, or for the direct benefit of, the major sporting event venue zone; and (c) as described in Section 11-71-203.