(1) An agency shall:
(a) approve and adopt an interlocal agreement described in Section 17C-5-204 at an open and public meeting; and
(b) provide a notice of the meeting titled "Diversion of Property Tax for a Community Reinvestment Project Area."
(2)
(a) Upon the execution of an interlocal agreement described in Section 17C-5-204, the agency shall provide notice of the execution by publishing the notice for the agency's jurisdiction, as a class A notice under Section 63G-30-102, for 30 days.
(b) A notice described in Subsection (2)(a) shall include:
(i) a summary of the interlocal agreement; and
(ii) a statement that the interlocal agreement:
(A) is available for public inspection and the hours for inspection; and
(B) authorizes the agency to receive all or a portion of a taxing entity's tax increment or sales and use tax revenue.
(3) An interlocal agreement described in Section 17C-5-204 is effective at the end of the 30-day period described in Subsection (2)(a).
(4)
(a) Within 30 days after the day on which the interlocal agreement is effective, a person may contest the interlocal agreement or the procedure used to adopt the interlocal agreement if the interlocal agreement or procedure fails to comply with a provision of this title.
(b) After the 30-day period described in Subsection (4)(a) expires, a person may not contest:
(i) the interlocal agreement;
(ii) a distribution of tax increment to the agency under the interlocal agreement; or
(iii) the agency's use of project area funds under the interlocal agreement.
(5) A taxing entity that enters into an interlocal agreement under Section 17C-5-204 shall make a copy of the interlocal agreement available to the public at the taxing entity's office for inspection and copying during normal business hours.