§ 11-58-603 — Use of authority money for business recruitment incentive.

Utah § 11-58-603

• Jurisdiction: Utah
• Title 11: Cities, Counties, and Local Taxing Units
• Ch. 11-58: Utah Inland Port Authority Act
• Part 11-58-6: Property Tax Differential

Text

(1) As used in this section:
(1)(a) "Business recruitment incentive" means the post-performance payment of property tax differential as an incentive for development within a project area, as provided in this section.
(1)(b) "Incentive application" means an application for a business recruitment incentive.
(1)(c) "Tax differential parcel" means a parcel of land where development activity occurs.
(2) The authority may use property tax differential as a business recruitment incentive as provided in this section.
(3) The board shall establish:
(3)(a) the requirements for a person to qualify for a business recruitment incentive;
(3)(b) the application timeline, documentation requirements, and approval criteria applicable to an incentive application; and
(3)(c) the standards and criteria for approval of an incentive application.
(4) (4)(a) Subject to Subsection (4)(b), a person may qualify for a business recruitment incentive if:
(4)(a)(i) the person submits an incentive application according to requirements established by the board;
(4)(a)(ii) the person meets the requirements established by the board for a business recruitment incentive; and
(4)(a)(iii) the board approves the incentive application.
(4)(b) A person may not qualify for a business recruitment incentive if the person's development project :
(4)(b)(i) is on authority jurisdictional land; and
(4)(b)(ii) relates primarily to retail operations or the distribution of goods.
(5) The authority may pay a person, on a post-performance basis and as determined by the board, a percentage of property tax differential:
(5)(a) generated from a tax differential parcel and paid to the authority; and
(5)(b) for a specified period of time.

Legislative History

Amended by Chapter 535, 2024 General Session