1. (1) As used in this section:

   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.
   2. (b) "Incentive application" means an application for a business recruitment incentive.
   3. (c) "Tax differential parcel" means a parcel of land where development activity occurs.
2. (2) The authority may use property tax differential as a business recruitment incentive as provided in this section.

3. (3) The board shall establish:

   1. (a) the requirements for a person to qualify for a business recruitment incentive;
   2. (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)

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

      1. (i) the person submits an incentive application according to requirements established by the board;
      2. (ii) the person meets the requirements established by the board for a business recruitment incentive; and
      3. (iii) the board approves the incentive application.

   2. (b) A person may not qualify for a business recruitment incentive if the person's development project :

      1. (i) is on authority jurisdictional land; and
      2. (ii) relates primarily to retail operations or the distribution of goods.

5. (5) The authority may pay a person, on a post-performance basis and as determined by the board, a percentage of property tax differential:

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

Amended by Chapter 535, 2024 General Session