Expedited community reinvestment project area plan.
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(1) As used in this section:
(a) "Qualified business entity" means a business entity that:
(i) has a primary market for the qualified business entity's goods or services outside of the state; and
(ii) is not primarily engaged in retail sales.
(b) "Tax increment incentive" means the portion of an agency's tax increment that is paid to a qualified business entity for the purpose of implementing a community reinvestment project area plan.
(2) An agency and a qualified business entity may, in accordance with Subsection (3), enter into an agreement that allows the qualified business entity to receive a tax increment incentive.
(3) An agreement described in Subsection (2) shall set annual postperformance targets for:
(a) capital investment within the community reinvestment project area;
(b) the number of new jobs created within the community reinvestment project area;
(c) the average wage of the jobs described in Subsection (3)(b) that is at least 110% of the prevailing wage of the county within which the community reinvestment project area is located; and
(d) the amount of local vendor opportunity generated by the qualified business entity.
(4) A qualified business entity may only receive a tax increment incentive:
(a) if the qualified business entity complies with the agreement described in Subsection (3);
(b) on a postperformance basis; and
(c) on an annual basis after the agency receives tax increment from a taxing entity.
(5) An agency may create or amend a community reinvestment project area plan for the purpose of providing a tax increment incentive without complying with the requirements described in Chapter 1, Part 8, Hearing and Notice Requirements, if:
(a) the agency:
(i) holds a public hearing to consider the need to create or amend a community reinvestment project area plan on an expedited basis;
(ii) posts notice at least 14 days before the day on which the public hearing described in Subsection (5)(a)(i) is held on:
(A) the community's website; and
(B) the Utah Public Notice Website as described in Section 63A-16-601; and
(iii) at the hearing described in Subsection (5)(a)(i), adopts a resolution to create or amend the community reinvestment project area plan on an expedited basis;
(b) all record property owners within the existing or proposed community reinvestment project area plan give written consent; and
(c) each taxing entity affected by the tax increment incentive consents and enters into an interlocal agreement with the agency authorizing the agency to pay a tax increment incentive to the qualified business entity.