zone. (1) A major sporting event venue zone created pursuant to this part shall promote the following objectives: (a) redevelopment of existing but aging major sporting event venues; (b) development of new major sporting event venues; (c) development of infrastructure supporting a major sporting event venue; (d) increased utilization of public transportation when accessing a major sporting event venue; (e) improved efficiencies in parking and transportation with the goal of increasing walkability between a major sporting event venue and a public transit station; (f) improved commercial development, or mixed commercial-residential development, in areas near a major sporting event venue; (g) improving air quality by reducing fuel consumption and motor vehicle trips; and (h) increasing tourism activity. (2) In order to accomplish the objectives described in this section, a creating entity that initiates the process to create a major sporting event venue zone shall ensure that a proposal for a major sporting event venue zone includes information demonstrating how the proposed major sporting event venue zone shall achieve the objectives described in Subsection (1). (3) Notice of commencement of collection of property tax increment shall be sent by mail or electronically to the following entities no later than January 1 of the year for which the property tax increment collection is proposed to commence: (a) the State Tax Commission; (b) the State Board of Education; (c) the state auditor; (d) the auditor of the county in which the major sporting event venue zone is proposed to be created; (e) each taxing entity to be affected by collection of property tax increment in the proposed major sporting event venue zone; (f) the assessor of the county in which the major sporting event venue zone is proposed to be created; and (g) the Governor's Office of Economic Development. (4) A major sporting event venue zone proposal may include: (a) a proposal to capture property tax increment; (b) a proposal to capture local sales and use tax increment; and (c) a proposal to implement a tax described in Section 11-71-201, either immediately upon creation of the major sporting event venue zone or on a specified timeline following the creation of the major sporting event venue zone.
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