§ 63M-1-2702. Purpose.

     The Legislature recognizes that:

(1) the development of and assistance to business in Utah is a state public purpose necessary to assure the growth of the state's economy and provide adequate employment opportunities for its citizens;

(2) public colleges and universities in the state hereafter, referred to as "host institutions," have academic and physical resources that can enhance economic development within the state through a partnership with the Governor's Office of Economic Development;

(3) state funded economic development agencies, hereafter referred to as "agencies" could broaden and improve services to business clients through better regional and statewide coordination;

(4) coordination of business clients needs is best done in the regions where they are established;

(5) this coordination needs to be done under the direction of one designated state agency;

(6) an important tool in these coordination efforts will be the development of a data base to identify, track, and assign agencies to be accountable for clients;

(7) agency accountability can be improved through client tracking and monitoring at the regional level;

(8) the state has historically experienced a high business start-up rate and has experienced a commensurate failure rate partially due to lack of coordination and accountability by state agencies;

(9) the state's economy will continue to improve as state agencies and resources become more responsive to private business by identifying them, focusing on their needs, and tracking their progress; and

(10) the governor and the Legislature will benefit from an annual report measuring tax revenue increases, new job creation, and other economic impact as a result of tracking and measuring state agencies' performance in the various regions of the state.

Enacted by Chapter 50, 2008 General Session