(1) A project area is dissolved: (a) except as provided in Subsection (2) or (3), on the day on which the dormancy period ends; or (b) eight years after the day on which an agency approved the project area if the project area's collection period has not started. (2) Before the day on which a dormancy period ends, an agency may extend the dormancy period once, for a period not to exceed two years, if: (a) the agency holds a public hearing to consider the extension, in accordance with Title 17C, Chapter 1, Part 8, Hearing and Notice Requirements; (b) the agency adopts a resolution at the public hearing described in Subsection (2)(a) that includes: (i) the name of the project area; (ii) a project area map or boundary description; (iii) a description of the progress the agency has made implementing the project area plan; (iv) a description of the unique circumstances existing in the project area that require that the dormancy period be extended; and (v) the day on which the extended dormancy period will end and the project area will be dissolved; and (c) the community legislative body adopts an ordinance that includes the information described in Subsection (2)(b). (3) Regardless of when a project area dormancy period ends, an agency may dissolve a project area early if: (a) the agency adopts a resolution dissolving the project area that includes: (i) the name of the project area; and (ii) a project area map or boundary description; and (b) the community legislative body adopts an ordinance dissolving the project area that includes the information described in Subsection (3)(a). (4) Within 30 days after the day on which the community legislative body adopts an ordinance described in Subsection (2)(c) or (3)(b), the community legislative body shall: (a) submit a copy of the ordinance to the county recorder of the county in which the project area is located; and (b) mail or electronically submit a copy of the ordinance to the county auditor, the State Tax Commission, the State Board of Education, and each taxing entity that levies or imposes a tax on property within the project area. (5) An agency with project area funds remaining at the end of the dormancy period shall return a proportionate share of the unexpended funds to each taxing entity. (6) Notwithstanding Subsections (1) and (2), a project area that allocated project area funds and began a dormancy period before May 6, 2026, shall: (a) be dissolved five years after the day on which the project area began the dormancy period; and (b) distribute any unexpended funds in accordance with Subsection (5).
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