63M-1-909 - Financial assistance to entities offering economic opportunities.
63M-1-909. Financial assistance to entities offering economic opportunities.
(1) Subject to the duties and powers of the board under Section 63M-1-303, theadministrator may provide money from the Industrial Assistance Account to an entity offering aneconomic 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 economicopportunity and the related benefit to the economic well-being of the state by providing evidencedocumenting the logical and compelling linkage, either direct or indirect, between theexpenditure of money necessitated by the economic opportunity and the likelihood that the state'stax base, regions of the state's tax base, or specific components of the state's tax base will not bereduced but will be maintained or enlarged;
(b) demonstrate how the funding request will act in concert with other state, federal, orlocal agencies to achieve the economic benefit;
(c) demonstrate how the funding request will act in concert with free market principles;
(d) in the case of an economic opportunity that includes the retention of jobs,demonstrate how the potential relocation of jobs outside the state is related to a merger,acquisition, consolidation, or similar business reason other than the applicant simply requestingstate assistance to remain in the state;
(e) satisfy other criteria the administrator considers appropriate; and
(f) be either:
(i) an entity whose purpose is to exclusively or substantially promote, develop, ormaintain the economic welfare and prosperity of the state as a whole, regions of the state, orspecific components of the state; or
(ii) a company or individual that does not otherwise qualify under Section 63M-1-906.
(3) Subject to the duties and powers of the board under Section 63M-1-303, theadministrator shall:
(a) make findings as to whether an applicant has satisfied each of the conditions set forthin Subsection (2);
(b) establish benchmarks and timeframes in which progress toward the completion of theagreed upon activity is to occur;
(c) monitor compliance by an applicant with any contract or agreement entered into bythe applicant and the state as provided by Section 63M-1-907; and
(d) make funding decisions based upon appropriate findings and compliance.
Amended by Chapter 245, 2010 General Session
Amended by Chapter 278, 2010 General Session