Utah § 63N-2-512 Hotel Impact Mitigation Fund.

Utah Statutes

§ 63N-2-512 — Hotel Impact Mitigation Fund.

Utah § 63N-2-512

Title 63NEconomic Opportunity Act

Ch. 63N-2Tax Credit Incentives for Economic Development

Part 63N-2-5New Convention Facility Development Incentives

This text of Utah § 63N-2-512 (Hotel Impact Mitigation Fund.) is published on Counsel Stack Legal Research, covering Utah primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Utah Code Ann. § 63N-2-512 (2026).

Text

7/1/2026

(1)As used in this section:

(1)(a) "Affected hotel" means a hotel built in the state before July 1, 2014.

(1)(b) "City-wide event" means an event hosted at a convention facility pursuant to a contract by a nonprofit corporation responsible for the promotion of convention business.

(1)(c) "Mitigation fund" means the Hotel Impact Mitigation Fund, created in Subsection (2).

(1)(d) "Qualified losses" means revenue lost by an affected hotel for city-wide events attributable to the qualified hotel room supply being added to the market in the state, calculated by taking the difference between:

(1)(d)(i) an affected hotel's average total annual room-night revenue for city-wide events for the three-year period between January 1, 2017, and December 31, 2019; and

(1)(d)(ii) the affected hot

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7/1/2026
(1) As used in this section:
(1)(a) "Affected hotel" means a hotel built in the state before July 1, 2014.
(1)(b) "City-wide event" means an event hosted at a convention facility pursuant to a contract by a nonprofit corporation responsible for the promotion of convention business.
(1)(c) "Mitigation fund" means the Hotel Impact Mitigation Fund, created in Subsection (2).
(1)(d) "Qualified losses" means revenue lost by an affected hotel for city-wide events attributable to the qualified hotel room supply being added to the market in the state, calculated by taking the difference between:
(1)(d)(i) an affected hotel's average total annual room-night revenue for city-wide events for the three-year period between January 1, 2017, and December 31, 2019; and
(1)(d)(ii) the affected hotel's total annual room-night revenue for city-wide events for the applicable year.
(2) There is created an expendable special revenue fund known as the Hotel Impact Mitigation Fund.
(3) The mitigation fund shall:
(3)(a) be administered by GOEO;
(3)(b) earn interest; and
(3)(c) be funded by:
(3)(c)(i) money required to be deposited into the mitigation fund under Subsection 17-78-707(2) by the county in which a qualified hotel is located; and
(3)(c)(ii) any money deposited into the mitigation fund under Subsection (7).
(4) Interest earned by the mitigation fund shall be deposited into the mitigation fund.
(5) In accordance with office rules and Subsection (6), GOEO shall annually pay $2,100,000 from the mitigation fund to affected hotels to mitigate qualified losses as follows:
(5)(a) for calendar years 2023 and 2024, on or before June 1, 2025;
(5)(b) for calendar year 2025, on or before February 28, 2026; and
(5)(c) for calendar year 2026, on or before February 28, 2026.
(6) Each calendar year, GOEO shall award the available $2,100,000 to affected hotels proportionally, according to each affected hotel's qualified losses in relation to the total qualified losses suffered collectively by all affected hotels.
(7) A host local government or qualified hotel owner may make payments to the Division of Finance for deposit into the mitigation fund.
(8) In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, the office shall, in consultation with the Utah Hotel and Lodging Association and the county in which the qualified hotel is located, make rules establishing procedures and criteria governing payments under Subsection (5) to affected hotels.