(2)

1. (a) An agency's collection of tax increment under an adopted urban renewal project area budget may be extended by:

   1. (i) following the project area budget amendment procedures outlined in Section 17C-2-206; or
   2. (ii) following the procedures outlined in this section.
2. (b) The base taxable value for an urban renewal project area budget may not be altered as a result of an extension under this section unless otherwise expressly provided for in an interlocal agreement adopted in accordance with Subsection (3)(a).

(3) To extend under this section the agency's collection of tax increment from a taxing entity under a previously approved project area budget, the agency shall:

1. (a) obtain the approval of the taxing entity through an interlocal agreement;

2. (b)

   1. (i) hold a public hearing on the proposed extension in accordance with Subsection 17C-2-201(2)(d) in the same manner as required for a draft project area budget; and

   2. (ii) provide notice of the hearing:

      1. (A) as required by Part 5, Urban Renewal Notice Requirements; and
      2. (B) including the proposed period of extension of the project area budget; and
3. (c) after obtaining the approval of the taxing entity in accordance with Subsection (3)(a), at or after the public hearing, adopt a resolution approving the extension.

(5)

1. (a) A person may contest the agency's adoption of a budget extension within 30 days after the day on which the agency adopts the resolution providing for the extension.

2. (b) A person who fails to contest a budget extension under Subsection (5)(a):

   1. (i) shall forfeit any claim against the agency's adoption of the extension; and

   2. (ii) may not contest:

      1. (A) a payment to the agency under the budget, as extended; or
      2. (B) an agency's use of tax increment under the budget, as extended.