State Codes and Statutes

Statutes > Utah > Title-63m > Chapter-01 > 63m-1-906

63M-1-906. Qualification for assistance.
(1) Except as provided in Section 63M-1-908 or 63M-1-909, the administrator shalldetermine which industries, companies, and individuals qualify to receive money from theIndustrial Assistance Account. Except as provided by Subsection (2), to qualify for financialassistance from the restricted account, an applicant shall:
(a) demonstrate to the satisfaction of the administrator that the applicant will expendfunds in Utah with employees, vendors, subcontractors, or other businesses in an amountproportional with money provided from the restricted account at a minimum ratio of 2 to 1 peryear or other more stringent requirements as established from time to time by the board for aminimum period of five years beginning with the date the loan or grant was approved;
(b) demonstrate to the satisfaction of the administrator the applicant's ability to sustaineconomic activity in the state sufficient to repay, by means of cash or appropriate credits, the loanprovided by the restricted account; and
(c) satisfy other criteria the administrator considers appropriate.
(2) (a) The administrator may exempt an applicant from the requirements of Subsection(1)(a) or (b) if:
(i) the financial assistance is provided to an applicant for the purpose of locating all orany portion of its operations to an economically disadvantaged rural area;
(ii) the applicant is part of a targeted industry;
(iii) the applicant is a quasi-public corporation organized under Title 16, Chapter 6a,Utah Revised Nonprofit Corporation Act, or Title 63E, Chapter 2, Independent Corporations Act,and its operations, as demonstrated to the satisfaction of the administrator, will providesignificant economic stimulus to the growth of commerce and industry in the state; or
(iv) the applicant is an entity offering an economic opportunity under Section63M-1-909.
(b) The administrator may not exempt the applicant from the requirement underSubsection 63M-1-905(2)(b) that the loan be structured so that the repayment or return to thestate equals at least the amount of the assistance together with an annual interest charge.
(3) The administrator shall:
(a) for applicants not described in Subsection (2)(a):
(i) make findings as to whether or not each applicant has satisfied each of the conditionsset forth in Subsection (1); and
(ii) monitor the continued compliance by each applicant with each of the conditions setforth in Subsection (1) for five years;
(b) for applicants described in Subsection (2)(a), make findings as to whether theeconomic activities of each applicant has resulted in the creation of new jobs on a per capita basisin the economically disadvantaged rural area or targeted industry in which the applicant islocated;
(c) monitor the compliance by each applicant with the provisions of any contract oragreement entered into between the applicant and the state as provided in Section 63M-1-907;and
(d) make funding decisions based upon appropriate findings and compliance.

Amended by Chapter 278, 2010 General Session