Section 17C-1-202 - Agency powers(1) An agency may: (b) enter into contracts generally;(c) buy, obtain an option upon, acquire by gift, or otherwise acquire any interest in real or personal property;(d) hold, sell, convey, grant, gift, or otherwise dispose of any interest in real or personal property;(e) own, hold, maintain, utilize, manage, or operate real or personal property, which may include the use of agency funds or the collection of revenue;(f) enter into a lease agreement on real or personal property, either as lessee or lessor;(g) provide for project area development as provided in this title;(h) receive and use agency funds as provided in this title;(i) if disposing of or leasing land, retain controls or establish restrictions and covenants running with the land consistent with the project area plan;(j) accept financial or other assistance from any public or private source for the agency's activities, powers, and duties, and expend any funds the agency receives for any purpose described in this title;(k) borrow money or accept financial or other assistance from a public entity or any other source for any of the purposes of this title and comply with any conditions of any loan or assistance;(l) issue bonds to finance the undertaking of any project area development or for any of the agency's other purposes, including:(i) reimbursing an advance made by the agency or by a public entity to the agency;(ii) refunding bonds to pay or retire bonds previously issued by the agency; and(iii) refunding bonds to pay or retire bonds previously issued by the community that created the agency for expenses associated with project area development;(m) pay an impact fee, exaction, or other fee imposed by a community in connection with land development;(n) subject to Part 10, Agency Taxing Authority, levy a property tax; or(o) transact other business and exercise all other powers described in this title.(2) The establishment of controls or restrictions and covenants under Subsection (1)(i) is a public purpose.(3) An agency may acquire real property under Subsection (1)(c) that is outside a project area only if the board determines that the property will benefit a project area.(4) An agency is not subject to Section 10-8-2 or 17-50-312.(5)(a) An agency may, subject to Subsection (5)(c), enter into an agreement with a person to govern the development the person will undertake within a project area.(b) An agreement under Subsection (5)(a) shall include a description of:(i) the project area development that the person will undertake;(ii) the amount of project area funds the agency agrees to pay to the person to facilitate the development; and(iii) the terms and conditions under which the agency agrees to pay project area funds to the person.(c)(i) An agreement under Subsection (5)(a) is subject to board approval by resolution of the board.(ii) A resolution under Subsection (5)(c)(i) shall include a finding by the board describing how the project area development described in the agreement will contribute to achieving the goals, policies, and purposes of the project area plan.Amended by Chapter 316, 2024 General Session ,§ 2, eff. 5/1/2024.Amended by Chapter 214, 2021 General Session ,§ 2, eff. 5/5/2021.Amended by Chapter 366, 2018 General Session ,§ 1, eff. 5/8/2018.Amended by Chapter 364, 2018 General Session ,§ 4, eff. 5/8/2018.Amended by Chapter 350, 2016 General Session ,§ 21, eff. 5/10/2016.Renumbered and Amended by Chapter 359, 2006 General Session