(1) In order to assist and cooperate in the planning, undertaking, construction, or operation of project area development within an area in which the public entity is authorized to act, a public entity may:

1. (a)

   1. (i) provide or cause to be furnished:

      1. (A) parks, playgrounds, or other recreational facilities;
      2. (B) community, educational, water, sewer, or drainage facilities; or
      3. (C) any other works which the public entity is otherwise empowered to undertake;
   2. (ii) provide, furnish, dedicate, close, vacate, pave, install, grade, regrade, plan, or replan streets, roads, roadways, alleys, sidewalks, or other places;

   3. (iii) in any part of the project area:

      1. (A)

         1. (I) plan or replan any property within the project area;
         2. (II) plat or replat any property within the project area;
         3. (III) vacate a plat;
         4. (IV) amend a plat; or
         5. (V) zone or rezone any property within the project area; and
      2. (B) make any legal exceptions from building regulations and ordinances;
   4. (iv) purchase or legally invest in any of the bonds of an agency and exercise all of the rights of any holder of the bonds;
   5. (v) notwithstanding any law to the contrary, enter into an agreement for a period of time with another public entity concerning action to be taken pursuant to any of the powers granted in this title;
   6. (vi) do anything necessary to aid or cooperate in the planning or implementation of the project area development;
   7. (vii) in connection with the project area plan, become obligated to the extent authorized and funds have been made available to make required improvements or construct required structures; and
   8. (viii) lend, grant, or contribute funds to an agency for project area development or proposed project area development, including assigning revenue or taxes in support of an agency bond or obligation; and

2. (b) for less than fair market value or for no consideration, and subject to Subsection (3):

   1. (i) purchase or otherwise acquire property from an agency;
   2. (ii) lease property from an agency;
   3. (iii) sell, grant, convey, donate, or otherwise dispose of the public entity's property to an agency; or
   4. (iv) lease the public entity's property to an agency.

(2) The following are not subject to Section 10-8-2, 17-50-312, or 17-50-303:

1. (a) project area development assistance that a public entity provides under this section; or
2. (b) a transfer of funds or property from an agency to a public entity.

(3) A public entity may provide assistance described in Subsection (1)(b) no sooner than 15 days after the day on which the public entity posts notice of the assistance on:

1. (a) the Utah Public Notice Website described in Section 63F-1-701; and
2. (b) the public entity's public website.