2006 Utah Code - 63-38f-1704 — Creation of economic development zones -- Incentives.

     63-38f-1704.   Creation of economic development zones -- Incentives.
     (1) The office, with advice from the board, may create an economic development zone in the state that satisfies all of the following requirements:
     (a) the area is zoned commercial, industrial, manufacturing, business park, research park, or other appropriate use in a community approved master plan; and
     (b) the request to create a development zone has been forwarded to the office after first being approved by an appropriate local government entity that has committed or will commit to provide local incentives.
     (2) (a) The office, with advice from the board, may enter into agreements providing for partial rebates of new state revenues generated by new commercial projects to companies or individuals that create new economic growth within a development zone under the same restrictions and limitations as provided in Section 63-38f-1304.
     (b) The limitations and restrictions applied to partial rebates of new state revenues in Section 63-38f-1304 also apply to partial rebates of new local revenues under this part.

Enacted by Chapter 272, 2005 General Session