(1) Upon petition by a participating taxing entity or on the initiative of the housing and transit reinvestment zone committee creating a first home investment zone, a first home investment zone may suspend or terminate the collection of tax increment in a first home investment zone if the housing and transit reinvestment zone committee determines, by clear and convincing evidence, presented in a public meeting of the housing and transit reinvestment zone committee, that: (a) a substantial portion of the tax increment collected in the first home investment zone has not or will not be used for the purposes provided in Section 63N-23-706; and (b) (i) the first home investment zone has no indebtedness; or (ii) the first home investment zone has no binding financial obligations. (2) A first home investment zone may not collect tax increment in excess of the tax increment projections or limitations set forth in the first home investment zone proposal and disclosed in accordance with Title 59, Chapter 36, Part 2, Pre-increment Disclosure and Reporting. (3) The agency administering the tax increment collected in a first home investment zone under Subsection 63N-23-706(2), shall have standing in a court with proper jurisdiction to enforce provisions of the first home investment zone proposal, participation agreements, and other agreements for the use of the tax increment collected. (4) The agency administering tax increment from a first home investment zone under Subsection 63N-23-706(2) shall follow the requirements described in Title 59, Chapter 36, Tax Increment Financing Reporting, and the audit requirements described in Sections 17C-1-604 and 17C-1-605. (5) For each first home investment zone collecting tax increment within a county, the county auditor shall follow the reporting requirement found in Section 17C-1-606. Renumbered and Amended by Chapter 94, 2026 General Session
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