63N-4-504. Requirements for awarding a working hubs grant.

263 words·~1 min read·/ut/title-63n/chapter-4/63n-4-504

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

Effective 5/1/2024

(1)In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, the office shall make rules establishing the eligibility and reporting criteria for an entity to receive a grant under this part, including:

(a)the form and process of submitting an application to the office for a grant;

(b)which entities are eligible to apply for a grant;

(c)the method and formula for determining grant amounts; and

(d)the reporting requirements of grant recipients.

(2)In determining the award of a grant, the office may prioritize projects:

(a)that will serve underprivileged or underserved communities, including communities with high unemployment or low median incomes;

(b)where an applicant demonstrates comprehensive planning of the project but has limited access to financial resources, including financial resources from local or county government; and

(c)that maximize economic development opportunities in collaboration with the economic development needs or plans of an educational institution, a county, and a municipality.

(3)Subject to legislative appropriation, a grant may only be awarded by the executive director.

(4)A grant may only be awarded under this part:

(a)if the grant recipient agrees to provide any combination of funds, land, buildings, or in-kind work in an amount equal to at least 25% of the grant;

(b)if the grant recipient agrees not to use grant money for the ongoing operation or maintenance of a coworking and innovation center; and

(c)in an amount no more than $500,000 to a grant applicant.

Amended by Chapter 506 , 2024 General Session