2006 Utah Code - 63-38f-908 — Financial assistance to entities offering economic opportunities.

     63-38f-908.   Financial assistance to entities offering economic opportunities.
     (1) Subject to the duties and powers of the board under Section 63-38f-303, the administrator may provide monies from the fund 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 monies necessitated by the economic opportunity and the likelihood that the state's tax base 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) satisfy other criteria the administrator considers appropriate; and
     (e) be either:
     (i) an entity whose purpose is to exclusively or substantially promote, develop, or maintain the economic welfare and prosperity of the state as a whole, regions of the state, or specific components of the state; or
     (ii) a company or individual that does not otherwise qualify under Section 63-38f-905.
     (3) Subject to the duties and powers of the board under Section 63-38f-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 63-38f-906; and
     (d) make funding decisions based upon appropriate findings and compliance.

Renumbered and Amended by Chapter 148, 2005 General Session