(1) As used in this section: (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. (b) "Incentive application" means an application for a business recruitment incentive. (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: (a) the requirements for a person to qualify for a business recruitment incentive; (b) the application timeline, documentation requirements, and approval criteria applicable to an incentive application; and (c) the standards and criteria for approval of an incentive application. (4) (a) Subject to Subsection (4)(b), a person may qualify for a business recruitment incentive if: (i) the person submits an incentive application according to requirements established by the board; (ii) the person meets the requirements established by the board for a business recruitment incentive; and (iii) the board approves the incentive application. (b) A person may not qualify for a business recruitment incentive if the person's development project : (i) is on authority jurisdictional land; and (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: (a) generated from a tax differential parcel and paid to the authority; and (b) for a specified period of time.
‹ Prev All Utah sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.