(1) The local governing body may elect to deposit into the special fund of the redevelopment district all or any portion of payments in lieu of taxes on property within the redevelopment district, including that portion of the payments in lieu of taxes that would have been distributed to other local political subdivisions under § 14-164-703.
(2) Other revenues to be derived from the redevelopment project may also be deposited into the special fund at the direction of the local governing body.