(1) Beginning in 2016, on or before November 1 of each year, an agency shall:

1. (a) prepare an annual report as described in Subsection (2); and
2. (b) submit the annual report electronically to the county auditor, the State Tax Commission, the State Board of Education, and each taxing entity from which the agency receives project area funds.

(2) The annual report shall, for each active project area whose project area funds collection period has not expired, contain the following information:

1. (a) an assessment of the change in marginal value, including:

   1. (i) the base taxable value;
   2. (ii) the prior year's assessed value;
   3. (iii) the estimated current assessed value; and
   4. (iv) a narrative description of the relative growth in assessed value;

2. (b) the amount of project area funds the agency received, including:

   1. (i) a comparison of the actual project area funds received for the previous year to the amount of project area funds forecasted when the project area was created, if available;

   2. (ii)

      1. (A) the agency's historical receipts of project area funds, including the tax year for which the agency first received project area funds from the project area; or
      2. (B) if the agency has not yet received project area funds from the project area, the year in which the agency expects each project area funds collection period to begin;
   3. (iii) a list of each taxing entity that levies or imposes a tax within the project area and a description of the benefits that each taxing entity receives from the project area; and
   4. (iv) the amount paid to other taxing entities under Section 17C-1-410, if applicable;

3. (c) a description of current and anticipated project area development, including:

   1. (i) a narrative of any significant project area development, including infrastructure development, site development, participation agreements, or vertical construction; and
   2. (ii) other details of development within the project area, including total developed acreage and total undeveloped acreage;

4. (d) the project area budget , if applicable, or other project area funds analysis, including:

   1. (i) each project area funds collection period;
   2. (ii) the number of years remaining in each project area funds collection period;
   3. (iii) the total amount of project area funds the agency is authorized to receive from the project area cumulatively and from each taxing entity; and
   4. (iv) the remaining amount of project area funds the agency is authorized to receive from the project area cumulatively and from each taxing entity;
5. (e) the estimated amount of project area funds that the agency is authorized to receive from the project area for the current calendar year;
6. (f) the estimated amount of project area funds to be paid to the agency for the next calendar year;
7. (g) a map of the project area; and
8. (h) any other relevant information the agency elects to provide.

(3) A report prepared in accordance with this section:

1. (a) is for informational purposes only; and
2. (b) does not alter the amount of project area funds that an agency is authorized to receive from a project area.