(1) The authority may use money from property tax differential, money the authority receives from the state, money the authority receives under Subsection 59-12-205(2)(a)(ii)(C), and other money available to the authority: (a) for any purpose authorized under this chapter; (b) for administrative, overhead, legal, consulting, and other operating expenses of the authority; (c) to pay for, including financing or refinancing, all or part of the development of land within or adjacent to a project area, including assisting the ongoing operation of a development or facility within or adjacent to the project area; (d) to pay the cost of the installation and construction of public infrastructure and improvements within the project area from which the property tax differential funds were collected; (e) to pay the cost of the installation of public infrastructure and improvements outside a project area if the board determines by resolution that the infrastructure and improvements are of benefit to the project area; (f) to pay to a community reinvestment agency for affordable housing, as provided in Subsection 11-58-606(2); (g) to pay the principal and interest on bonds issued by the authority; (h) to pay the cost of acquiring land or an easement on land that is part of or adjacent to authority jurisdictional land: (i) for the perpetual preservation of the land from development; and (ii) to provide a buffer area between authority jurisdictional land intended for development and land outside the boundary of the authority jurisdictional land; and (i) subject to Subsection (2), to encourage, incentivize, or require development that: (i) mitigates noise, air pollution, light pollution, surface and groundwater pollution, and other negative environmental impacts; (ii) mitigates traffic congestion; or (iii) uses high efficiency building construction and operation. (2) (a) The authority shall establish minimum mitigation and environmental standards, as described in this Subsection (2), that a landowner is required to meet in order to qualify for the use of property tax differential under Subsection (1) in the landowner's development. (b) Minimum mitigation and environmental standards established under Subsection (2)(a) shall include a standard prohibiting the use of property tax differential as a business recruitment incentive, as defined in Section 11-58-603, for new commercial or industrial development or an expansion of existing commercial or industrial development within the authority jurisdictional land if the new or expanded development will consume, when calculated on an annualized basis, more than the maximum daily potable water use permitted within the service area of a municipal retail water provider supplying potable water to the development, as established by that provider's or municipality's adopted ordinances, policies, service regulations, or development agreements. (c) In establishing minimum mitigation and environmental standards, the authority shall consult with: (i) the municipality in which the development is expected to occur, for development expected to occur within a municipality; or (ii) the county in whose unincorporated area the development is expected to occur, for development expected to occur within the unincorporated area of a county. (d) The authority may not use property tax differential under Subsection (1)(h) for a landowner's development in a project area unless the minimum mitigation and environmental standards established under this Subsection (2) are followed with respect to that landowner's development. (3) The authority may use revenue generated from the operation of public infrastructure operated by the authority or improvements, including an intermodal facility, operated by the authority to: (a) operate and maintain the infrastructure or improvements; and (b) pay for authority operating expenses, including administrative, overhead, and legal expenses. (4) The determination of the board under Subsection (1)(e) regarding benefit to the project area is final. (5) Subject to Subsection (8), the authority may not use property tax differential revenue collected from one project area for a development project within another project area. (6) (a) The authority may use up to 10% of the general differential revenue generated from a project area to pay for affordable housing within or near the project area. (b) In using general differential revenue described in Subsection (6)(a), the authority may provide general differential revenue generated from a project area to a non-profit housing fund, as defined in Section 17C-1-102: (i) for that non-profit housing fund to assist low-income individuals and families who would qualify for income targeted housing to achieve homeownership, or retain homeownership, within a 15 mile radius of the project area that generated the general differential revenue, in accordance with the mission of the non-profit housing fund; and (ii) pursuant to an agreement between the non-profit housing fund and the authority governing appropriate uses of general differential revenue. (7) The authority may share general differential funds with a taxing entity that levies a property tax on land within the project area from which the general differential is generated. (8) (a) For a project area adopted on or after September 30, 2026, the authority shall contribute at least 1% but no more than 5%, as determined by the board, of all tax differential revenue generated from the project area to the reinvestment account. (b) In coordination with the authority, a county or municipality that is participating in a project area adopted before September 30, 2026, may designate a portion of the tax differential revenue generated in the project area that would otherwise be collected and used by the authority, not to exceed 5%, for contribution to the reinvestment account. (c) The authority shall make a contribution described in this Subsection (8) annually or quarterly, as determined by the board.
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