11-58-603. Use of authority money for business recruitment incentive.
(1) As used in this section: "Business recruitment incentive" means the post-performance payment of property tax differential as an incentive for development within a project area, as provided in this section. "Incentive application" means an application for a business recruitment incentive. "Tax differential parcel" means a parcel of land where development activity occurs.
(2) The authority may use property tax differential as a business recruitment incentive as provided in this section.
(3) The board shall establish: the requirements for a person to qualify for a business recruitment incentive; the application timeline, documentation requirements, and approval criteria applicable to an incentive application; and the standards and criteria for approval of an incentive application.
(4) Subject to Subsection (4)(b), a person may qualify for a business recruitment incentive if: the person submits an incentive application according to requirements established by the board; the person meets the requirements established by the board for a business recruitment incentive; and the board approves the incentive application. A person may not qualify for a business recruitment incentive if the person's development project: is on authority jurisdictional land; and relates primarily to retail operations or the distribution of goods.
(5) The authority may pay a person, on a post-performance basis and as determined by the board, a percentage of property tax differential: generated from a tax differential parcel and paid to the authority; and for a specified period of time.