63N-2-104. Creation of economic development zones -- Tax credits -- Assignment of tax credit.
(1) The office may create an economic development zone in the state if the following requirements are satisfied: the area is located within a commercial or industrial zone; the local government entity having jurisdiction over the area supports the creation of the development zone; and the local government entity described in Subsectionprovides or commits to provide local incentives within the area in accordance with the local government entity's approved incentive policy. (1)(b)
(2) A local government entity may, for the purpose of incentivizing new commercial projects within the local government entity's boundaries, create an economic development zone if the following requirements are satisfied: the area is located: within a commercial or industrial zone; and within the geographic boundaries of the local government entity; the local government entity adopts a long-term plan that addresses the following planning elements within the area: transportation and infrastructure; workforce development; and housing needs; and the office approves the local government entity's request to create the development zone.