(a) Unless an agency submits a report to the county auditor, the State Tax Commission, the State Board of Education, and each taxing entity that levies a tax on property from which the agency collects tax increment as provided under Subsection 17C-1-402(9)(b), on or before November 1 of each year, each agency shall prepare and file a report with the county auditor, the State Tax Commission, the State Board of Education, and each taxing entity that levies a tax on property from which the agency collects tax increment.
(b) The requirement of Subsection (1)(a) to file a copy of the report with the state as a taxing entity is met if the agency files a copy with the State Tax Commission and the state auditor.
(2) Each report under Subsection (1) shall contain:
(a) an estimate of the tax increment to be paid to the agency for the calendar year ending December 31;
(b) an estimate of the tax increment to be paid to the agency for the calendar year beginning the next January 1;
(c) a narrative description of each active project area within the agency's boundaries;
(d) a narrative description of any significant activity related to each active project area that occurred during the immediately preceding fiscal year;
(e) a summary description of the overall project timeline for each active project area;
(f) any other information specifically requested by the taxing entity committee or required by the project area plan or budget; and
(g) any other information included by the agency.
(3) A report prepared in accordance with this section:
(a) is for informational purposes; and
(b) does not alter the amount of tax increment that an agency is entitled to collect from a project area.