Section 11-70-401 - Enhanced property tax revenue to be paid to fairpark district(1) Subject to Subsection (5), the fairpark district shall be paid 90% of enhanced property tax revenue generated from each parcel of privately owned land within the fairpark district boundary: (a) beginning the tax year that begins on January 1, 2025; and(b) until the transition date for that parcel.(2) Subject to Subsection (5), during the payment period the fairpark district shall be paid up to 100% of enhanced property tax revenue:(a) generated from designated parcels of privately owned land within a project area; and(b) as the board specifies in a designation resolution adopted in consultation with a qualified owner.(3) For purposes of the payment of enhanced property tax revenue under this section, a payment period shall begin, as specified in the designation resolution, on January 1 of a year that begins after the designation resolution is adopted.(4)(a) For purposes of this section, the fairpark district may designate an improved portion of a parcel in a project area as a separate parcel.(b) A fairpark district designation of an improved portion of a parcel as a separate parcel under Subsection (4)(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 fairpark district as a separate parcel under Subsection (4)(a).(5) A host municipality shall be paid 25% of the enhanced property tax revenue generated by a property tax imposed by the host municipality.Added by Chapter 419, 2024 General Session ,§ 27, eff. 5/1/2024.