Financial assistance to entities offering economic opportunities.
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(1) Subject to the duties and powers of the GO Utah board under Section 63N-1b-202, the administrator may provide money from the Industrial Assistance Account to an entity offering an economic opportunity if that entity:
(a) applies to the administrator in a form approved by the administrator; and
(b) meets the qualifications of Subsection (2).
(2) As part of an application for receiving money under this section, an applicant shall:
(a) demonstrate to the satisfaction of the administrator the nature of the economic opportunity and the related benefit to the economic well-being of the state by providing evidence documenting the logical and compelling linkage, either direct or indirect, between the expenditure of money necessitated by the economic opportunity and the likelihood that the state's tax base, regions of the state's tax base, or specific components of the state's tax base will not be reduced but will be maintained or enlarged;
(b) demonstrate how the funding request will act in concert with other state, federal, or local agencies to achieve the economic benefit;
(c) demonstrate how the funding request will act in concert with free market principles; and
(d) satisfy other criteria the administrator considers appropriate.
(3) Before awarding any money under this section, 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.