As used in this part:

1. (1) "Administrator" means the executive director or the executive director's designee.
2. (2) "Applicant" means an individual, for profit business entity, nonprofit, corporation, partnership, unincorporated association, government entity, executive branch department or division of a department, a political subdivision, a state institution of higher education, or any other administrative unit of the state.
3. (3) "Economic opportunities" means business situations or community circumstances which lend themselves to the furtherance of the economic interests of the state by providing a catalyst or stimulus to the growth or retention, or both, of commerce and industry in the state, including retention of companies whose relocation outside the state would have a significant detrimental economic impact on the state as a whole, regions of the state, or specific components of the state.
4. (4) "Restricted Account" means the restricted account known as the Industrial Assistance Account created in Section 63N-3-103.
5. (5) "Talent development grant" means a grant awarded under Section 63N-3-112.

Amended by Chapter 159, 2024 General Session