Business plan: means a plan designed to facilitate, encourage, and bring about development of the authority jurisdictional land to achieve the goals and objectives described in Subsection 11-58-203(1), including the development and establishment of an inland port. See Utah Code 11-58-102
Development: means :
(a)
the demolition, construction, reconstruction, modification, expansion, or improvement of a building, utility, infrastructure, landscape, parking lot, park, trail, recreational amenity, or other facility, including public infrastructure and improvements; and
(b)
the planning of, arranging for, or participation in any of the activities listed in Subsection (7)(a). See Utah Code 11-58-102
Inland port: means one or more sites that:
(a)
contain multimodal facilities, intermodal facilities, or other facilities that:
(i)
are related but may be separately owned and managed; and
(ii)
together are intended to:
(A)
allow global trade to be processed and altered by value-added services as goods move through the supply chain;
(B)
provide a regional merging point for transportation modes for the distribution of goods to and from ports and other locations in other regions;
(C)
provide cargo-handling services to allow freight consolidation and distribution, temporary storage, customs clearance, and connection between transport modes; and
(D)
provide international logistics and distribution services, including freight forwarding, customs brokerage, integrated logistics, and information systems; and
(b)
may include a satellite customs clearance terminal, an intermodal facility, a customs pre-clearance for international trade, or other facilities that facilitate, encourage, and enhance regional, national, and international trade. See Utah Code 11-58-102
Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
Project area: means :
(a)
the authority jurisdictional land, subject to Section 11-58-605; or
(b)
land outside the authority jurisdictional land, whether consisting of a single contiguous area or multiple noncontiguous areas, described in a project area plan or draft project area plan, where the development project set forth in the project area plan or draft project area plan takes place or is proposed to take place. See Utah Code 11-58-102
Property tax: includes a privilege tax and each levy on an ad valorem basis on tangible or intangible personal or real property. See Utah Code 11-58-102
State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
(a)
“Borrower” means the same as that term is defined in Section 63A-3-401.5.
(b)
“Infrastructure loan” means the same as that term is defined in Section 63A-3-401.5.
(c)
“Infrastructure project” means the same as that term is defined in Section 63A-3-401.5.
(d)
“Inland port fund” means the same as that term is defined in Section 63A-3-401.5.
(e)
“Loan approval committee” means a committee established under Subsection (2).
(2)
(a)
The authority shall establish a loan committee consisting of:
(i)
two individuals with expertise in public finance or infrastructure development, appointed by the governor;
(ii)
one individual with expertise in public finance or infrastructure development, appointed by the president of the Senate;
(iii)
one individual with expertise in public finance or infrastructure development, appointed by the speaker of the House of Representatives; and
(iv)
one individual with expertise in public finance or infrastructure development, appointed jointly by the president of the Senate and the speaker of the House of Representatives.
(b)
A board member may not be appointed to or serve as a member of the loan committee.
(3)
(a)
The loan committee may recommend for board approval an infrastructure loan from the inland port fund to a borrower for an infrastructure project undertaken by the borrower.
(b)
An infrastructure loan from the inland port fund may not be made unless:
(i)
the infrastructure loan is recommended by the loan committee; and
(ii)
the board approves the infrastructure loan.
(4)
(a)
If the loan committee recommends an infrastructure loan, the loan committee shall recommend the terms of an infrastructure loan in accordance with Section 63A-3-404.
(b)
The board shall require the terms of an infrastructure loan secured by property tax differential to include a requirement that money from the infrastructure loan be used only for an infrastructure project within the project area that generates the property tax differential.
(5)
(a)
The board may establish policies and guidelines with respect to prioritizing requests for infrastructure loans and approving infrastructure loans.
(b)
With respect to infrastructure loan requests for an infrastructure project on authority jurisdictional land, the policies and guidelines established under Subsection (5)(a) shall give priority to an infrastructure loan request that furthers the policies and best practices incorporated into the environmental sustainability component of the authority’s business plan under Subsection 11-58-202(1)(a).
(6)
Within 60 days after the execution of an infrastructure loan, the board shall report the infrastructure loan, including the loan amount, terms, interest rate, and security, to:
(a)
the Executive Appropriations Committee; and
(b)
the State Finance Review Commission created in Section 63C-25-201.
(7)
(a)
Salaries and expenses of committee members who are legislators shall be paid in accordance with Section 36-2-2 and Legislative Joint Rules, Title 5, Chapter 3, Legislator Compensation.
(b)
A committee member who is not a legislator may not receive compensation or benefits for the member’s service on the committee, but may receive per diem and reimbursement for travel expenses incurred as a committee member at the rates established by the Division of Finance under:
