(1) An agency may:

1. (a) sue and be sued;
2. (b) enter into contracts generally;
3. (c) buy, obtain an option upon, acquire by gift, or otherwise acquire any interest in real or personal property;
4. (d) hold, sell, convey, grant, gift, or otherwise dispose of any interest in real or personal property;
5. (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;
6. (f) enter into a lease agreement on real or personal property, either as lessee or lessor;
7. (g) provide for project area development as provided in this title;
8. (h) receive and use agency funds as provided in this title;
9. (i) if disposing of or leasing land, retain controls or establish restrictions and covenants running with the land consistent with the project area plan;
10. (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;
11. (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;

12. (l) issue bonds to finance the undertaking of any project area development or for any of the agency's other purposes, including:

    1. (i) reimbursing an advance made by the agency or by a public entity to the agency;
    2. (ii) refunding bonds to pay or retire bonds previously issued by the agency; and
    3. (iii) refunding bonds to pay or retire bonds previously issued by the community that created the agency for expenses associated with project area development;
13. (m) pay an impact fee, exaction, or other fee imposed by a community in connection with land development;
14. (n) subject to Part 10, Agency Taxing Authority, levy a property tax; or
15. (o) transact other business and exercise all other powers described in this title.

(5)

1. (a) An agency may, subject to Subsection (5)(c), enter into a participation agreement with a person to govern the development the person will undertake within a project area.

2. (b) A participation agreement under Subsection (5)(a) shall include a description of:

   1. (i) the project area development that the person will undertake;
   2. (ii) the amount of project area funds the agency agrees to pay to the person to facilitate the development; and
   3. (iii) the terms and conditions under which the agency agrees to pay project area funds to the person.

3. (c)

   1. (i) A participation agreement under Subsection (5)(a) is subject to board approval by resolution of the board.
   2. (ii) A resolution under Subsection (5)(c)(i) shall include a finding by the board describing how the project area development described in the participation agreement will contribute to achieving the goals, policies, and purposes of the project area plan.

4. (d)

   1. (i) Beginning on May 7, 2025, any participation agreement under this Subsection (5) shall include a provision authorizing the agency, directly or through the county in which the agency operates, to use funding that would otherwise be provided to the participant to pay a participant's delinquent property tax or privilege tax or resolve a political subdivision lien against the participant, as described in Subsection 17C-1-409(6).
   2. (ii) An agency that has entered into a participation agreement before May 7, 2025, shall, as soon as reasonably practical, enter into an amendment to the participation agreement with a participant to include a provision authorizing the agency to use funding that would otherwise be provided to the participant to pay a participant's delinquent property tax or privilege tax or resolve a political subdivision lien against the participant, as described in Subsection 17C-1-409(6).