63N-3-1002. Creation of Economic Assistance Grant Program -- Requirements -- Rulemaking -- Annual report.

251 words·~1 min read·/ut/title-63n/chapter-3/63n-3-1002

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

Effective 5/3/2023

(1)There is created the Economic Assistance Grant Program administered by the office.

(2)Subject to appropriations from the Legislature, the office may award one or more grants to a business entity to provide funding for projects that:

(a)promote and support economic opportunities in the state; and

(b)provide a service in the state related to industry, education, community development, or infrastructure.

(3)In awarding grants, the office may prioritize projects:

(a)that develop targeted industries in the state;

(b)where an applicant identifies clear metrics to measure the progress, effectiveness, and scope of the project;

(c)where an applicant demonstrates comprehensive planning of the project; and

(d)that require one-time funds.

(4)Before a business entity may receive a grant, the business entity shall enter into a written agreement with the office that specifies:

(a)the amount of the grant;

(b)the time period for distributing the grant;

(c)the terms and conditions that the business entity shall meet to receive the grant;

(d)the structure of the grant; and

(e)the expenses for which the business entity may expend the grant.

(5)In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act , the office may make rules to administer the grant program.

(6)The office shall include in the annual written report described in Section 63N-1a-306 a report on the grant program.

Amended by Chapter 499 , 2023 General Session