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S.B. 285 Enrolled

             1     

INDUSTRIAL ASSISTANCE FUND AMENDMENTS
             2      2011 GENERAL SESSION
             3      STATE OF UTAH
             4      Chief Sponsor: Curtis S. Bramble
             5      House Sponsor: Todd E. Kiser
             6     
             7      LONG TITLE
             8      General Description:
             9          This bill modifies a provision relating to the industrial assistance fund.
             10      Highlighted Provisions:
             11          This bill:
             12          .    includes a specified sports development organization with entities that may qualify
             13      for money from the Industrial Assistance Account.
             14      Money Appropriated in this Bill:
             15          None
             16      Other Special Clauses:
             17          None
             18      Utah Code Sections Affected:
             19      AMENDS:
             20          63M-1-909, as last amended by Laws of Utah 2010, Chapters 245 and 278
             21     
             22      Be it enacted by the Legislature of the state of Utah:
             23          Section 1. Section 63M-1-909 is amended to read:
             24           63M-1-909. Financial assistance to entities offering economic opportunities.
             25          (1) Subject to the duties and powers of the board under Section 63M-1-303 , the
             26      administrator may provide money from the Industrial Assistance Account to an entity offering
             27      an economic opportunity if that entity:
             28          (a) applies to the administrator; and
             29          (b) meets the qualifications of Subsection (2).

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             30          (2) The applicant shall:
             31          (a) demonstrate to the satisfaction of the administrator the nature of the economic
             32      opportunity and the related benefit to the economic well-being of the state by providing
             33      evidence documenting the logical and compelling linkage, either direct or indirect, between the
             34      expenditure of money necessitated by the economic opportunity and the likelihood that the
             35      state's tax base, regions of the state's tax base, or specific components of the state's tax base
             36      will not be reduced but will be maintained or enlarged;
             37          (b) demonstrate how the funding request will act in concert with other state, federal, or
             38      local agencies to achieve the economic benefit;
             39          (c) demonstrate how the funding request will act in concert with free market principles;
             40          (d) in the case of an economic opportunity that includes the retention of jobs,
             41      demonstrate how the potential relocation of jobs outside the state is related to a merger,
             42      acquisition, consolidation, or similar business reason other than the applicant simply requesting
             43      state assistance to remain in the state;
             44          (e) satisfy other criteria the administrator considers appropriate; and
             45          (f) be either:
             46          (i) an entity whose purpose is to exclusively or substantially promote, develop, or
             47      maintain the economic welfare and prosperity of the state as a whole, regions of the state, or
             48      specific components of the state, including an entity that is a sports development organization
             49      under contract with the state for sports development and sporting event attraction and related
             50      activities that provide an economic impact or promotional value to the state; or
             51          (ii) a company or individual that does not otherwise qualify under Section 63M-1-906 .
             52          (3) Subject to the duties and powers of the board under Section 63M-1-303 , the
             53      administrator shall:
             54          (a) make findings as to whether an applicant has satisfied each of the conditions set
             55      forth in Subsection (2);
             56          (b) establish benchmarks and timeframes in which progress toward the completion of
             57      the agreed upon activity is to occur;

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             58          (c) monitor compliance by an applicant with any contract or agreement entered into by
             59      the applicant and the state as provided by Section 63M-1-907 ; and
             60          (d) make funding decisions based upon appropriate findings and compliance.

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