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(1) In accordance with the provisions of this part and in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, the office shall make rules establishing the eligibility and reporting criteria for an applicant to participate in the program as a lessor of a rural speculative industrial building, including:
(a) the form and process of submitting an application to the office;
(b) the eligibility requirements of an applicant;
(c) the method and formula for determining lease terms between the office and a lessor of a rural speculative industrial building; and
(d) the reporting requirements of participants in the program.
(2) In determining whether to approve an application for participation in the program, the office may prioritize a project:
(a) that will serve underprivileged or underserved communities, including communities with high unemployment or low median incomes;
(b) where an applicant demonstrates comprehensive planning of the project, including a business case;
(c) where the applicant, as determined by the office, is likely to have success in attracting a tenant to assume the office's lease of a rural speculative industrial building in a short amount of time; and
(d) that maximizes economic development opportunities in accordance with the economic development needs or plans of a county or a municipality.
(3) Subject to legislative appropriation, a lease may only be entered into by the office if:
(a) the executive director, after consultation with the GO Utah board, approves entering into the lease;
(b) the local municipal entity supports the program through the provision of local incentives, reduced impact fees, or other monetary support for the rural speculative industrial building; and
(c) the lease terms are not more than $100,000 per year with a maximum five-year lease term.
(4) The office shall include in the annual written report described in Section 63N-1a-306:
(a) an overview of each lease entered into under this program; and
(b) the success of this program in attracting new or expanding businesses into rural areas.