UTAH CODE (Last Updated: January 16, 2015) |
Title 63M. Governor's Programs |
Chapter 1. Governor's Office of Economic Development |
Part 9. Industrial Assistance Fund |
§ 63M-1-909. Financial assistance to entities offering economic opportunities.
Latest version.
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(1) Subject to the duties and powers of the board under Section 63M-1-303, the administrator may provide money from the Industrial Assistance Account to an entity offering an economic opportunity if that entity: (a) applies to the administrator; and (b) meets the qualifications of Subsection (2). (2) The applicant shall: (a) demonstrate to the satisfaction of the administrator the nature of the economic opportunity and the related benefit to the economic well-being of the state by providing evidence documenting the logical and compelling linkage, either direct or indirect, between the expenditure of money necessitated by the economic opportunity and the likelihood that the state's tax base, regions of the state's tax base, or specific components of the state's tax base will not be reduced but will be maintained or enlarged; (b) demonstrate how the funding request will act in concert with other state, federal, or local agencies to achieve the economic benefit; (c) demonstrate how the funding request will act in concert with free market principles; (d) in the case of an economic opportunity that includes the retention of jobs, demonstrate how the potential relocation of jobs outside the state is related to a merger, acquisition, consolidation, or similar business reason other than the applicant simply requesting state assistance to remain in the state; (e) satisfy other criteria the administrator considers appropriate; and (f) be either: (ii) a company or individual that does not otherwise qualify under Section 63M-1-906. (3) Subject to the duties and powers of the board under Section 63M-1-303, the administrator shall: (a) make findings as to whether an applicant has satisfied each of the conditions set forth in Subsection (2); (b) establish benchmarks and timeframes in which progress toward the completion of the agreed upon activity is to occur; (c) monitor compliance by an applicant with any contract or agreement entered into by the applicant and the state as provided by Section 63M-1-907; and (d) make funding decisions based upon appropriate findings and compliance.
Amended by Chapter 173, 2013 General Session