As used in this part: (1) (a) "Agency-wide project development" means activity within the agency's boundaries that, as determined by the board, encourages, promotes, or provides development or redevelopment for the purpose of achieving the results described in an implementation plan, including affordable housing. (b) "Agency-wide project development" does not include project area development under a project area plan. (2) "Certified tax rate" means the same as that term is defined in Section 59-2-924. (3) "Cooperative development project" means project area development with impacts that extend beyond an agency's geographic boundaries to the benefit of two or more communities. (4) "Economic development project" means project area development for the purpose of: (a) creating, developing, attracting, and retaining business; (b) creating or preserving jobs; (c) stimulating business and economic activity; or (d) providing a local incentive as required by the Governor's Office of Economic Development under Title 63N, Economic Opportunity Act. (5) "Eligible taxing entity" means a taxing entity that: (a) is a municipality, a county, or a school district; and (b) contains an agency partially or completely within the taxing entity's geographic boundaries. (6) "Final tax rate" means: (a) the certified rate; or (b) if the agency adopts a rate that is different than the certified rate, the rate the agency adopts in accordance with the provisions of Title 59, Chapter 2, Part 9, Levies. (7) "Implementation plan" means a plan adopted in accordance with Section 17C-1-1004 that: (a) describes how the agency uses property tax revenue; and (b) guides and controls agency-wide project development. (8) "Project area incremental revenue" means the amount of revenue generated by the incremental value that a taxing entity receives after a project area funds collection period ends. (9) "Property tax revenue" means the amount of revenue generated by an agency from the property within the agency using the current taxable value of the property and the agency's final tax rate.
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