Creation of Economic Assistance Grant Program -- Requirements -- Rulemaking -- Annual report

(1) There is created the Economic Assistance Grant Program administered by the office. (2) Subject to appropriations from the Legislature, the office may award one or more grants to a business entity to provide funding for projects that: (a) promote and support economic opportunities in the state; and (b) provide a service in the state related to industry, education, community development, or infrastructure. (3) In awarding grants, the office may prioritize projects: (a) that develop targeted industries in the state; (b) where an applicant identifies clear metrics to measure the progress, effectiveness, and scope of the project; (c) where an applicant demonstrates comprehensive planning of the project; and (d) that require one-time funds. (4) Before a business entity may receive a grant, the business entity shall enter into a written agreement with the office that specifies: (a) the amount of the grant; (b) the time period for distributing the grant; (c) the terms and conditions that the business entity shall meet to receive the grant; (d) the structure of the grant; and (e) the expenses for which the business entity may expend the grant. (5) In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, the office may make rules to administer the grant program. (6) The office shall include in the annual written report described in Section 63N-1a-306 a report on the grant program.