revenue. (1) A creating entity shall designate an agency to: (a) administer the regionally significant development zone; (b) promote the objectives for the regionally significant development zone; and (c) be the custodian of regionally significant development zone revenue, as described in Title 17C, Chapter 6, Regionally Significant Development Zones Act. (2) An agency may share regionally significant development zone revenue with another governmental entity or a private party as described in this section. (3) Before a governmental entity that is not an agency may receive regionally significant development zone revenue from the creating entity, the creating entity or creating entity's agency and the governmental entity shall enter into an agreement governing the use of the revenue, consistent with this chapter and Title 17C, Chapter 6, Regionally Significant Development Zones Act. (4) Before a private party may receive regionally significant development zone revenue, the creating entity or creating entity's agency and the private party shall enter into an agreement governing the use of the revenue, consistent with this chapter and Title 17C, Chapter 6, Regionally Significant Development Zones Act. (5) A creating entity's agency shall use and be responsible for regionally significant development zone revenue as described in Section 17C-6-203. (6) The creating entity of a regionally significant development zone shall be responsible for: (a) tracking revenue received by the creating entity on behalf of the regionally significant development zone; and (b) reporting to the county auditor and tax commission if the creating entity receives the maximum amount of tax increment revenue from any source, as established by the committee under Section 63N-3a-203.
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