Section 17C-5-113 - Expedited community reinvestment project area plan - Hearing and notice requirements(1) As used in this section: (a) "Qualified business entity" means a business entity that:(i) has a primary market for the qualified business entity's goods or services outside of the state; and(ii) is not primarily engaged in retail sales.(b) "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 (3), enter into an agreement that allows the qualified business entity to receive a tax increment incentive.(3) An agreement described in Subsection (2) shall set annual postperformance targets for: (a) capital investment within the community reinvestment project area;(b) the number of new jobs created within the community reinvestment project area;(c) the average wage of the jobs described in Subsection (3)(b) that is at least 110% of the prevailing wage of the county within which the community reinvestment project area is located; and(d) the amount of local vendor opportunity generated by the qualified business entity.(4) A qualified business entity may only receive a tax increment incentive: (a) if the qualified business entity complies with the agreement described in Subsection (3);(b) on a postperformance basis; and(c) 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 Chapter 1, Part 8, Hearing and Notice Requirements, if: (a) the agency:(i) holds a public hearing to consider the need to create or amend a community reinvestment project area plan on an expedited basis;(ii) publishes notice for the community, as a class A notice under Section 63G-30-102, for at least 14 days before the day on which the public hearing described in Subsection (5)(a)(i) is held; and(iii) at the hearing described in Subsection (5)(a)(i), adopts a resolution to create or amend the community reinvestment project area plan on an expedited basis;(b) all record property owners within the existing or proposed community reinvestment project area plan give written consent; and(c) 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.Amended by Chapter 435, 2023 General Session ,§ 124, eff. 5/3/2023.Amended by Chapter 345, 2021 General Session ,§ 89, eff. 7/1/2021.Amended by Chapter 84, 2021 General Session ,§ 83, eff. 5/5/2021.Added by Chapter 350, 2016 General Session ,§ 132, eff. 5/10/2016.