R357-3-105. Factors to Be Considered in Authorizing an Economic Development Tax Credit Award

(1) The amount and duration of a tax credit award shall be determined on a case-by-case basis. The factors that the office may consider include: (a) whether the company is projecting positive long-term growth; (b) whether the company is part of a targeted industry; (c) the overall benefit to the state from the new commercial project; (d) the uniqueness of the economic opportunity; (e) the economic environment when the new commercial project or company applies including; (i) the job leakage to other counties; (ii) the relative value of a job; and (iii) the underemployment rate; (f) the location of the new commercial project; (g) the quality of financing the company has received; (h) comparison to previously incented projects in size, scope, and industry; (i) service hours completed per high paying job under a prior agreement with the office; and (j) other factors as reasonably determined by the administrator. (2) The factors for an award higher than 30% of new state revenues for a project located in a county of the third-class, or a municipality with a population of 10,000 or less located within a county of the second class and that is experiencing economic hardship are: (a) factors in Subsection R357-3-105(1); (b) evidence of significant financial support of the local community for the project; (c)(i) capital expenditures of at least $500,000,000 for the new commercial project; (ii) the new capital project is in targeted industry as defined by the office; or (iii) local taxing entities are offering a tax increment agreement of at least 75% and 25 years of property tax rebates; (d)(i) the new capital project creates at least 2,000 new high-wage jobs; and (ii) the new capital project is in targeted industry as defined by the office; (iii) the average wages for the new high paying jobs are at least 300% of the average county wage; or (iv) local taxing entities are offering a tax increment deal over 75% and 25 years for property tax rebates; (3) A new commercial project within the leisure and hospitality industry sector, located in a county of the fifth or sixth class may receive an award up to 50% of new state revenues over 20 years if the project: (a) has capital expenditure of at least $10,000,000; (b) creates a significant number of new high paying jobs; (c) is of strategic importance to the state, county and city; (d) is adjacent to a unique, high visitation tourist area; and (e) location would otherwise be underserved in leisure and hospitality without being provided an incentive. (4) If the GOEO Board has not approved a project within six months of submission the company must submit an updated application. (5) The Executive Director after consultation with the GOEO Board may: (a) approve or deny an application; and (b) determine terms and conditions of an approved application.