Section 11-58-601 - General differential and nonmunicipal differential(1) As used in this section: (a) "Designation resolution" means a resolution adopted by the board that designates a transition date for the parcel specified in the resolution.(b) "Post-designation parcel" means a parcel within a project area after the transition date for that parcel.(c) "Pre-designation parcel" means a parcel within a project area before the transition date for that parcel.(d) "Transition date" means the date indicated in a designation resolution after which the parcel that is the subject of the designation resolution is a post-designation parcel.(2) This section applies to nonmunicipal differential and general differential to be paid to the authority.(3) The authority shall be paid 75% of nonmunicipal differential generated from a pre-designation parcel that is part of the authority jurisdictional land: (a) for the period beginning November 2019 and ending the earlier of:(i) the transition date for that parcel; and(ii) November 30, 2044; and(b) for a period of 15 years following November 2044 if, before the end of November 2044:(i) the parcel has not become a post-designation parcel; and(ii) the board adopts a resolution approving the 15-year extension.(4)(a) As provided in Subsection (4)(b), the authority shall be paid:(i) 75% of nonmunicipal differential generated from a post-designation parcel that is part of the authority jurisdictional land; and(ii) 75% of general differential generated from a post-designation parcel that is not part of the authority jurisdictional land.(b) The property tax differential paid under Subsection (4)(a) from a post-designation parcel shall be paid:(i) for a period of 25 years beginning on the transition date for that parcel; and(ii) for a period of an additional 15 years beyond the period stated in Subsection (4)(b)(i) if the board determines by resolution that the additional years of nonmunicipal differential or general differential, as the case may be, from that parcel will produce a significant benefit.(5)(a) For purposes of this section, the authority may designate an improved portion of a parcel in a project area as a separate parcel.(b) An authority designation of an improved portion of a parcel as a separate parcel under Subsection (5)(a) does not constitute a subdivision, as defined in Section 10-9a-103 or Section 17-27a-103.(c) A county recorder shall assign a separate tax identification number to the improved portion of a parcel designated by the authority as a separate parcel under Subsection (5)(a).Amended by Chapter 259, 2023 General Session ,§ 11, eff. 3/14/2023.Amended by Chapter 82, 2022 General Session ,§ 10, eff. 3/21/2022.Amended by Chapter 126, 2020 General Session ,§ 16, eff. 3/24/2020.Amended by Chapter 399, 2019 General Session ,§ 14, eff. 3/27/2019.Amended by Chapter 376, 2019 General Session ,§ 3, eff. 5/14/2019.Amended by Chapter 1, 2018SP2 General Session ,§ 14, eff. 7/21/2018.Added by Chapter 179, 2018 General Session ,§ 24, eff. 3/16/2018.