§ 63M-1-902. Definitions.

     As used in this part:

(1) "Administrator" means the director or the director's designee.

(2) "Board" means the Board of Business and Economic Development.

(3) "Company creating an economic impediment" means a company that discourages economic development within a reasonable radius of its location because of:

(a) odors;

(b) noise;

(c) pollution;

(d) health hazards; or

(e) other activities similar to those described in Subsections (3)(a) through (d).

(4) "Economic opportunities" means unique business situations or community circumstances which lend themselves to the furtherance of the economic interests of the state by providing a catalyst or stimulus to the growth or retention, or both, of commerce and industry in the state, including retention of companies whose relocation outside the state would have a significant detrimental economic impact on the state as a whole, regions of the state, or specific components of the state as determined by the board.

(5) "Economically disadvantaged rural area" means a geographic area designated by the board under Section 63M-1-910.

(6) "Replacement company" means a company locating its business or part of its business in a location vacated by a company creating an economic impediment.

(7) "Restricted Account" means the restricted account known as the Industrial Assistance Account created in Section 63M-1-903.

(8) "Targeted industry" means an industry or group of industries targeted by the board under Section 63M-1-910, for economic development in the state.

Amended by Chapter 245, 2010 General Session
Amended by Chapter 278, 2010 General Session