1. (1) A person that seeks to enter into a private-public partnership with an agency shall provide the agency with an application that:

   1. (a) demonstrates the applicant is qualified to operate, in whole or in part, a project within the zone; and
   2. (b) provides any additional information required by the creating entity or agency.

2. (2) An agency may enter into a private-public partnership:

   1. (a) if, after reviewing the application described in Subsection (1), the agency determines a private-public partnership will promote the objectives of the zone; and
   2. (b) through an agreement described in this section.

3. (3) An agreement to create a private-public partnership between a person and an agency may:

   1. (a) establish or recognize an ownership interest in the project for the person, in consideration of the person's financial investment in the project;
   2. (b) establish an ownership interest in the project for the agency or agency's creating entity, in consideration of the public's financial investment in the project; or
   3. (c) create a lease between the person and the agency.

Enacted by Chapter 373, 2026 General Session