Utah Code § 63N-3-1709

(1) A creating entity may receive and use property tax increment in accordance with this section
and as described in Title 11, Chapter 71, Major Sporting Event Venue Zones.
(2)
(a) A county that collects property tax on property located within a qualified development zone
shall, in accordance with Section 59-2-1365, distribute to the creating entity the percentage
of property tax increment approved by the committee pursuant to Section 63N-3-1707, not to
exceed 75%.
(b) Property tax increment distributed to a creating entity in accordance with Subsection (2)(a):
(i) is not revenue of the taxing entity or the creating entity; and
(ii) constitutes major sporting event venue zone funds and shall be administered as described
in Title 11, Chapter 71, Major Sporting Event Venue Zones.

(3)
(a) A creating entity may designate another local government entity to be the fiscal agent for
property tax increment paid to the creating entity.
(b) Before a fiscal agent may receive major sporting event venue zone funds from the creating
entity, the creating entity and the fiscal agent shall enter into an agreement governing the use
of the funds, consistent with this part and Title 11, Chapter 71, Major Sporting Event Venue
Zones.
(4) Once the maximum amount of property tax increment has been distributed to the creating
entity, as approved by the committee pursuant to Section 63N-3-1707, the county that collects
property tax on property located within a qualified development zone is no longer obligated to
distribute property tax increment to the creating entity.
(5) A creating entity and a creating entity's fiscal agent shall use major sporting event venue zone
funds:
(a) to achieve the purposes described in Subsections 63N-3-1702(1) and (2);
(b) within, or for the direct benefit of, the major sporting event venue zone; and
(c) as described in Section 11-71-203.

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