Boundary adjustments -- Governing law

. (1) (a) Subject to the requirements under this part, and after the housing and transit reinvestment zone committee approves a housing and transit reinvestment zone or a convention center reinvestment zone proposal in accordance with Section 63N-23-102, the office shall consult with the relevant county assessor to determine a boundary adjustment to a housing and transit reinvestment zone or a convention center reinvestment zone. (b) If an area is excluded from or bisected by the radius requirements described in this part, a boundary adjustment to include or exclude the area is permitted if: (i) the committee or office, if applicable, determines that inclusion or exclusion has a reasonable nexus to advancing the objectives described in Section 63N-23-201; (ii) the adjustment does not include a parcel that is located entirely outside a one-half mile radius from a bus rapid transit or light rail station, or a two-third mile radius from a commuter rail station; and (iii) any acreage included in a housing and transit reinvestment zone under this section is offset by an exclusion of acreage such that the total acreage approved by the committee does not exceed the maximum in Section 63N-23-201. (2) (a) Except as provided in Subsection (2)(b), a parcel may only be triggered for property tax increment collection on the legal parcel boundary drawn at the time the parcel is triggered for property tax increment collection. (b) (i) A convention center reinvestment zone in a capital city may commence a property tax increment collection at different times for different parcels or subareas within the convention center reinvestment zone in a capital city. (ii) The property tax increment collection described in Subsection (2)(b)(i) shall use the base year of 2023 and commence no later than five years from the day that the convention center reinvestment zone in a capital city proposal is approved. (3) (a) A housing and transit reinvestment zone or convention center reinvestment zone shall be governed by the law in effect on the date the application for the housing and transit reinvestment zone or convention center reinvestment zone was approved by the housing and transit reinvestment zone committee. (b) Notwithstanding Subsection (3)(a), an approved housing and transit reinvestment zone proposal submitted before May 1, 2024, shall be governed by the base year defined in code before January 1, 2023.