(1) (a) The lake authority board's adoption of a project area plan is governed by this part. (b) In order to adopt a project area plan, the lake authority board shall: (i) prepare a draft project area plan; (ii) give notice as required under Subsection 11-65-402(2); (iii) hold the public meetings required under Subsection 11-65-402(1) at least 30 days apart; and (iv) after holding the required public meetings and subject to Subsection (1)(c), adopt the draft project area plan as the project area plan. (c) (i) The lake authority board may not adopt the project area plan until at least 30 days after the last public meeting under Section 11-65-402. (ii) Before adopting a draft project area plan as the project area plan, the lake authority board may make modifications to the draft project area plan that the board considers necessary or appropriate. (d) (i) A lease or development agreement that the lake authority enters before the creation of a project area shall provide that the board is not required to create a project area. (ii) The lake authority may not be required to pay any amount or incur any loss or penalty for the board's failure to create a project area. (2) Each project area plan and draft project area plan shall contain: (a) a legal description of the boundary of the project area that is the subject of the project area plan; (b) the lake authority's purposes and intent with respect to the project area; (c) a description of any management proposed to occur within the project area; and (d) the board's findings and determination that: (i) there is a need to effectuate a public purpose; (ii) there is a public benefit to the proposed management project; (iii) it is economically sound and feasible to adopt and carry out the project area plan; and (iv) carrying out the project area plan will promote the purposes of the lake authority, as stated in Section 11-65-203.
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