(1) A county that collects property tax on property within a project area shall, in the manner and at the time provided in Section 59-2-1365:
(a) pay and distribute to the authority the property tax differential that the authority is entitled to be paid under this chapter; and
(b) pay and distribute to the primary municipality the primary municipality differential described in Subsection 11-58-604(2)(c).
(2) The authority shall pay to the primary municipality's agency, to be used for affordable housing as provided in Section 17C-1-412, 10% of all property tax differential that is:
(a) paid to the authority; and
(b) generated within the reduced area.