(1) As used in this section:

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Terms Used In Utah Code 11-58-603

  • Authority: means the Utah Inland Port Authority, created in Section 11-58-201. See Utah Code 11-58-102
  • Authority jurisdictional land: means land within the authority boundary delineated:
         (2)(a) in the electronic shapefile that is the electronic component of H. See Utah Code 11-58-102
  • Board: means the authority's governing body, created in Section 11-58-301. See Utah Code 11-58-102
  • Development: means :
         (7)(a) the demolition, construction, reconstruction, modification, expansion, or improvement of a building, utility, infrastructure, landscape, parking lot, park, trail, recreational amenity, or other facility, including public infrastructure and improvements; and
         (7)(b) the planning of, arranging for, or participation in any of the activities listed in Subsection (7)(a). See Utah Code 11-58-102
  • Development project: means a project for the development of land within a project area. See Utah Code 11-58-102
  • Land: includes :
         (18)(a) land;
         (18)(b) a tenement;
         (18)(c) a hereditament;
         (18)(d) a water right;
         (18)(e) a possessory right; and
         (18)(f) a claim. See Utah Code 68-3-12.5
  • Person: means :
         (24)(a) an individual;
         (24)(b) an association;
         (24)(c) an institution;
         (24)(d) a corporation;
         (24)(e) a company;
         (24)(f) a trust;
         (24)(g) a limited liability company;
         (24)(h) a partnership;
         (24)(i) a political subdivision;
         (24)(j) a government office, department, division, bureau, or other body of government; and
         (24)(k) any other organization or entity. See Utah Code 68-3-12.5
  • Project area: means :
         (16)(a) the authority jurisdictional land, subject to Section 11-58-605; or
         (16)(b) land outside the authority jurisdictional land, whether consisting of a single contiguous area or multiple noncontiguous areas, described in a project area plan or draft project area plan, where the development project set forth in the project area plan or draft project area plan takes place or is proposed to take place. See Utah Code 11-58-102
  • Property: includes both real and personal property. See Utah Code 68-3-12.5
  • Property tax: includes a privilege tax and each levy on an ad valorem basis on tangible or intangible personal or real property. See Utah Code 11-58-102
     (1)(a) “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.
     (1)(b) “Incentive application” means an application for a business recruitment incentive.
     (1)(c) “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:

     (3)(a) the requirements for a person to qualify for a business recruitment incentive;
     (3)(b) the application timeline, documentation requirements, and approval criteria applicable to an incentive application; and
     (3)(c) the standards and criteria for approval of an incentive application.
(4)

     (4)(a) Subject to Subsection (4)(b), a person may qualify for a business recruitment incentive if:

          (4)(a)(i) the person submits an incentive application according to requirements established by the board;
          (4)(a)(ii) the person meets the requirements established by the board for a business recruitment incentive; and
          (4)(a)(iii) the board approves the incentive application.
     (4)(b) A person may not qualify for a business recruitment incentive if the person’s development project :

          (4)(b)(i) is on authority jurisdictional land; and
          (4)(b)(ii) 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:

     (5)(a) generated from a tax differential parcel and paid to the authority; and
     (5)(b) for a specified period of time.
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