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(1) Subject to the provisions of this part, any two or more public agencies may enter into an agreement with one another to create a transportation reinvestment zone as described in this section.
(2) To create a transportation reinvestment zone, two or more public agencies, at least one of which has land use authority over the transportation reinvestment zone area, shall:
(a) define the transportation infrastructure need and proposed improvement;
(b) define the boundaries of the zone;
(c) establish terms for sharing sales tax revenue among the members of the agreement;
(d) establish a base year to calculate the increase of property tax revenue within the zone;
(e) establish terms for sharing any increase in property tax revenue within the zone; and
(f) before an agreement is approved as required in Section 11-13-202.5, hold a public hearing regarding the details of the proposed transportation reinvestment zone.
(3) Any agreement to establish a transportation reinvestment zone is subject to the requirements of Sections 11-13-202, 11-13-202.5, 11-13-206, and 11-13-207.
(4)
(a) Each public agency that is party to an agreement under this section shall annually publish a report including a statement of the increased tax revenue and the expenditures made in accordance with the agreement.
(b) Each public agency that is party to an agreement under this section shall transmit a copy of the report described in Subsection (4)(a) to the state auditor.
(5) If any surplus revenue remains in a tax revenue account created as part of a transportation reinvestment zone agreement, the parties may use the surplus for other purposes as determined by agreement of the parties.
(6)
(a) An action taken under this section is not subject to:
(i) Section 10-8-2;
(ii)Title 10, Chapter 9a, Municipal Land Use, Development, and Management Act;
(iii)Title 17, Chapter 27a, County Land Use, Development, and Management Act; or
(iv) Section 17-50-312.
(b) An ordinance, resolution, or agreement adopted under this title is not a land use regulation as defined in Sections 10-9a-103 and 17-27a-103.