Section 11-58-603 - Use of authority money for business recruitment incentive(1) As used in this section: (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.(b) "Incentive application" means an application for a business recruitment incentive.(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:(a) the requirements for a person to qualify for a business recruitment incentive;(b) the application timeline, documentation requirements, and approval criteria applicable to an incentive application; and(c) the standards and criteria for approval of an incentive application.(4)(a) Subject to Subsection (4)(b), a person may qualify for a business recruitment incentive if:(i) the person submits an incentive application according to requirements established by the board;(ii) the person meets the requirements established by the board for a business recruitment incentive; and(iii) the board approves the incentive application.(b) A person may not qualify for a business recruitment incentive if the person's development project: (i) is on authority jurisdictional land; and(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:(a) generated from a tax differential parcel and paid to the authority; and(b) for a specified period of time.Amended by Chapter 535, 2024 General Session ,§ 10, eff. 3/21/2024.Amended by Chapter 259, 2023 General Session ,§ 13, eff. 3/14/2023.Added by Chapter 82, 2022 General Session ,§ 12, eff. 3/21/2022.