17C-5-113. Expedited community reinvestment project area plan -- Hearing and notice requirements.
(1) As used in this section: "Qualified business entity" means a business entity that: has a primary market for the qualified business entity's goods or services outside of the state; and is not primarily engaged in retail sales. "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, enter into an agreement that allows the qualified business entity to receive a tax increment incentive. (3)
(3) An agreement described in Subsectionshall set annual postperformance targets for: (2) capital investment within the community reinvestment project area; the number of new jobs created within the community reinvestment project area; the average wage of the jobs described in Subsectionthat is at least 110% of the prevailing wage of the county within which the community reinvestment project area is located; and (3)(b) the amount of local vendor opportunity generated by the qualified business entity.
(4) A qualified business entity may only receive a tax increment incentive: if the qualified business entity complies with the agreement described in Subsection; (3) on a postperformance basis; and 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, if: Chapter 1, Part 8, Hearing and Notice Requirements the agency: holds a public hearing to consider the need to create or amend a community reinvestment project area plan on an expedited basis; publishes notice for the community, as a class A notice under Section, for at least 14 days before the day on which the public hearing described in Subsectionis held; and 63G-30-102 (5)(a)(i) at the hearing described in Subsection, adopts a resolution to create or amend the community reinvestment project area plan on an expedited basis; (5)(a)(i) all record property owners within the existing or proposed community reinvestment project area plan give written consent; and 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.