(A) If allowed by the fee agreement and subject to any limitations and conditions contained in the fee agreement, a sponsor may take a credit against the fee established in Section 12-44-50(A)(1) and (3) over the term specified in the fee agreement to offset improvement costs:

1. (1) for a project not located in a multicounty park, to the extent that the cumulative credit taken does not exceed the lesser of:

   1. (a) the improvement costs of the project; or

   2. (b) the county's share of fees distributed from the project under Section 12-44-80(A).

      A municipality or special purpose district that would otherwise receive a distribution of fee in lieu of taxes under Section 12-44-80(A), may agree to allow to a sponsor a credit against the fee established in Section 12-44-50(A)(1) or (A)(3) in an amount not exceeding the share of the fee in lieu of taxes that would have been distributed to the municipality or special purpose district with respect to the sponsor's project; or

2. (2) for a project located within a multicounty park, to the extent that the cumulative credit taken does not exceed the lesser of:

   1. (a) the improvement costs of the project; or
   2. (b) the county's share of fees.

(B) For purposes of this section, improvement costs include the cost of designing, acquiring, constructing, improving, or expanding:

1. (1) the infrastructure serving the issuer; and
2. (2) improved and unimproved real property, buildings, and structural components of buildings used in the operation of a manufacturing or commercial enterprise in order to enhance economic development.