11-58-603. Use of authority money for business recruitment incentive.

268 words·~1 min read·/ut/title-11/chapter-58/11-58-603

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Effective 5/1/2024

(1)As used in this section:

(a)"Business recruitment incentive" means the post-performance payment of property tax differential as an incentive for development within a project area, as provided in this section.

(b)"Incentive application" means an application for a business recruitment incentive.

(c)"Tax differential parcel" means a parcel of land where development activity occurs.

(2)The authority may use property tax differential as a business recruitment incentive as provided in this section.

(3)The board shall establish:

(a)the requirements for a person to qualify for a business recruitment incentive;

(b)the application timeline, documentation requirements, and approval criteria applicable to an incentive application; and

(c)the standards and criteria for approval of an incentive application.

(a)Subject to Subsection (4)(b), a person may qualify for a business recruitment incentive if:

(i)the person submits an incentive application according to requirements established by the board;

(ii)the person meets the requirements established by the board for a business recruitment incentive; and

(iii)the board approves the incentive application.

(b)A person may not qualify for a business recruitment incentive if the person's development project :

(i)is on authority jurisdictional land; and

(ii)relates primarily to retail operations or the distribution of goods.

(5)The authority may pay a person, on a post-performance basis and as determined by the board, a percentage of property tax differential:

(a)generated from a tax differential parcel and paid to the authority; and

(b)for a specified period of time.

Amended by Chapter 535 , 2024 General Session