63M-1-904 - Rural Fast Track Program -- Creation -- Funding -- Qualifications for program participation -- Awards -- Reports.
63M-1-904. Rural Fast Track Program -- Creation -- Funding -- Qualifications forprogram participation -- Awards -- Reports.
(1) (a) There is created the Rural Fast Track Program, hereafter referred to in this sectionas "the program."
(b) The program is a funded component of the economically disadvantaged rural areasdesignation in Subsection 63M-1-903(1)(a).
(2) The purpose of the program is to provide an efficient way for small companies inrural Utah to receive incentives for creating high paying jobs in the rural areas of the state and tofurther promote business and economic development in rural Utah.
(3) (a) Twenty percent of the money in the Industrial Assistance Account at thebeginning of each fiscal year shall be used to fund the program.
(b) The 20% referred to in Subsection (3)(a) is not in addition to but is a part of the up to50% designation for economically disadvantaged rural areas referred to in Subsection63M-1-903(1)(a).
(c) If any of the 20% allocation referred to in Subsection (3)(a) has not been used in theprogram by the end of the third quarter of each fiscal year, that money may be used for any otherloan, grant, or assistance program offered through the Industrial Assistance Account during thefiscal year.
(4) (a) To qualify for participation in the program a company shall:
(i) complete and file with the office an application for participation in the program,signed by an officer of the company;
(ii) be located and conduct its business operations in a county in the state that has:
(A) a population of less than 30,000; and
(B) an average household income of less than $60,000 as reflected in the most recentlyavailable data collected and reported by the United States Census Bureau;
(iii) have been in business in the state for at least two years; and
(iv) have at least two employees.
(b) (i) Office staff shall verify an applicant's qualifications under Subsection (4)(a).
(ii) The application must be approved by the administrator in order for a company toreceive an incentive or other assistance under this section.
(c) In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, theadministrator may make rules governing:
(i) the content of the application form referred to in Subsection (4)(a)(i);
(ii) who qualifies as an employee under Subsection (4)(a)(iv); and
(iii) the verification procedure referred to in Subsection (4)(b).
(5) (a) The administrator shall make incentive cash awards to small companies under thissection based on the following criteria:
(i) $1,000 for each new incremental job that pays over 110% of the county's averageannual wage;
(ii) $1,250 for each incremental job that pays over 115% of the county's average annualwage; and
(iii) $1,500 for each incremental job that pays over 125% of the county's average annualwage.
(b) The administrator shall make a cash award under Subsection (5)(a) when a newincremental job has been in place for at least 12 months.
(c) The creation of a new incremental job by a company is based on the number ofemployees at the company during the previous 24 months.
(d) (i) A small company may also apply for grants, loans, or other financial assistanceunder the program to help develop its business in rural Utah and may receive up to $50,000under the program if approved by the administrator.
(ii) The board must approve a distribution that exceeds the $50,000 cap under Subsection(5)(d)(i).
(6) The administrator shall make a quarterly report to the board of the awards made bythe administrator under this section and an annual report to the Legislative Workforce Servicesand Community and Economic Development Interim Committee as to the awards and theirimpact on economic development in the state's rural areas.
Amended by Chapter 278, 2010 General Session