63N-3-105. Qualification for assistance — Application requirements.
| (1) |
Subject to the requirements of this part, the administrator may provide loans, grants, or other financial assistance from the restricted account to an entity offering an economic opportunity if that entity:
Terms Used In Utah Code 63N-3-105- Administrator: means the executive director or the executive director's designee. See Utah Code 63N-3-102
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- GO Utah board: means the Board of Economic Opportunity created in Section 63N-1a-401. See Utah Code 63N-1a-102
- Restricted Account: means the restricted account known as the Industrial Assistance Account created in Section 63N-3-103. See Utah Code 63N-3-102
- 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
- Targeted industry: means an industry or group of industries targeted by the commission under Section 63N-1a-202, for economic development in the state. See Utah Code 63N-1a-102
| (a) |
applies to the administrator in a form approved by the administrator; and |
| (b) |
meets the qualifications of Subsection (2). |
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| (2) |
As part of an application for receiving financial assistance under this part, an applicant shall demonstrate the following to the satisfaction of the administrator:
| (a) |
the nature of the economic opportunity and the related benefit to the economic well-being of the state by providing evidence documenting the expenditure of money necessitated by the economic opportunity; |
| (b) |
how the economic opportunity will act in concert with other state, federal, or local agencies to achieve the economic benefit; |
| (c) |
that the applicant will expend funds in the state with employees, vendors, subcontractors, or other businesses in an amount proportional with money provided from the restricted account at a minimum ratio of one to one per year or other more stringent requirements as established on a per project basis by the administrator; |
| (d) |
for an application for a loan, the applicant’s ability to sustain economic activity in the state sufficient to repay, by means of cash or appropriate credits, the loan provided by the restricted account; and |
| (e) |
any other criteria the administrator considers appropriate. |
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| (3) |
| (a) |
The administrator may exempt an applicant from any of the requirements of Subsection (2) if:
| (i) |
the applicant is part of a targeted industry; |
| (iii) |
the GO Utah board recommends awarding a grant to the applicant. |
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| (b) |
The administrator may not exempt the applicant from the requirement under Subsection 63N-3-106(1)(b) that the loan be structured so that the repayment or return to the state equals at least the amount of the assistance together with an annual interest charge. |
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| (4) |
The GO Utah board shall make recommendations to the administrator regarding applications for loans, grants, or other financial assistance from the Industrial Assistance Account. |
| (5) |
Before awarding any money under this part, the administrator shall:
| (a) |
make findings as to whether an applicant has satisfied the requirements of Subsection (2); |
| (b) |
establish benchmarks and timeframes in which progress toward the completion of the agreed upon activity is to occur; |
| (c) |
monitor compliance by an applicant with any contract or agreement entered into by the applicant and the state as provided by Section 63N-3-107; and |
| (d) |
make funding decisions based upon appropriate findings and compliance. |
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Amended by Chapter 499, 2023 General Session
