(1) Except as provided in Subsection (2), a public entity may not:

1. (a) make a retail facility incentive payment under an agreement that is initiated or entered into on or after July 1, 2022; or
2. (b) initiate or enter into an agreement on or after July 1, 2022, to make a retail facility incentive payment.

(2) Notwithstanding Subsection (1), a public entity may make a retail facility incentive payment for:

1. (a) a retail facility located entirely within a census tract in which more than 51% of residents have a household income at or below 70% of the county area median income;

2. (b) a retail facility included as part of a mixed-use development in which:

   1. (i) the development includes at least one housing unit for every 1,250 square feet of retail space within the development; and
   2. (ii) at least 10% of the new or proposed housing units within the development qualify as moderate income housing, in accordance with the moderate income housing plan of the municipality or county in which the development is located;

3. (c) a retail facility included as part of a development in which:

   1. (i) the retail facility has a gross sales floor area of no more than 20,000 square feet; and
   2. (ii) no other retail facility with a gross sales floor area of more than 20,000 square feet is located within the same development;
4. (d) a retail facility located within a county of the fourth, fifth, or sixth class;
5. (e) a retail facility for a small business;
6. (f) a retail facility for a Utah-based nonprofit arts or cultural organization; or

7. (g) a retail facility for a ski resort that:

   1. (i) has been in operation for at least 40 years; and
   2. (ii) provides at least 1,000 acres for skiing.

(4)

1. (a) For each fiscal year that a public entity makes a retail facility incentive payment described in Subsections (2)(a) through (c), the public entity shall submit a written report to the office in accordance with Subsection 11-41-104(1).
2. (b) For each fiscal year that a public entity makes a retail facility incentive payment described in Subsections (2)(d) through (g), the public entity shall submit a notification to the office in accordance with Subsection 11-41-104(2).