A county in which a qualified hotel, as defined in Section
63N-2-502, is located shall:
| (1) |
make an annual payment to the Division of Finance:
Terms Used In Utah Code 17-31-9- 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) |
for deposit into the Stay Another Day and Bounce Back Fund, established in Section 63N-2-511; |
| (b) |
for any year in which the Governor’s Office of Economic Opportunity provides a convention incentive, as defined in Section 63N-2-502; and |
| (c) |
in the amount of 5% of the state portion, as defined in Section 63N-2-502; and |
|
| (2) |
make payments to the Division of Finance:
| (a) |
for deposit into the Hotel Impact Mitigation Fund, created in Section 63N-2-512; |
| (b) |
for each year described in Subsection 63N-2-512(5)(a)(ii) during which the balance of the Hotel Impact Mitigation Fund, defined in Section 63N-2-512, is less than $2,100,000 before any payment for that year under Subsection 63N-2-512(5)(a); and |
| (c) |
in the amount of the difference between $2,100,000 and the balance of the Hotel Impact Mitigation Fund, defined in Section 63N-2-512, before any payment for that year under Subsection 63N-2-512(5)(a). |
|
Amended by Chapter 282, 2021 General Session
