(1) As used in this section: (a) "Assessed value" with respect to property means the value at which the property would be assessed without regard to a valuation for agricultural use under Section 59-2-503. (b) "Owner" means a person having an interest in real property, including an affiliate, subsidiary, or parent company.

(a) "Assessed value" with respect to property means the value at which the property would be assessed without regard to a valuation for agricultural use under Section 59-2-503.

(b) "Owner" means a person having an interest in real property, including an affiliate, subsidiary, or parent company.

(2) Within seven calendar days after the day on which an individual files a request under Section 10-2a-202, the lieutenant governor shall send written notice of the proposed incorporation to each record owner of real property owning more than: (a) 1% of the assessed value of all property in the proposed incorporation boundaries; or (b) 10% of the total private land area within the proposed incorporation boundaries.

(a) 1% of the assessed value of all property in the proposed incorporation boundaries; or

(b) 10% of the total private land area within the proposed incorporation boundaries.

(3) If an owner owns, controls, or manages more than 1% of the assessed value of all property in the proposed incorporation boundaries, or owns, controls, or manages 10% or more of the total private land area in the proposed incorporation boundaries, the owner may request that the lieutenant governor exclude all or part of the property owned, controlled, or managed by the owner from the proposed boundaries by filing a notice of exclusion with the Office of the Lieutenant Governor: (a) that describes the property for which the owner requests exclusion; and (b) within 15 calendar days after the day on which the owner receives the notice described in Subsection (2).

(a) that describes the property for which the owner requests exclusion; and

(b) within 15 calendar days after the day on which the owner receives the notice described in Subsection (2).

(4) The lieutenant governor shall exclude the property identified by an owner under Subsection (3) from the proposed incorporation boundaries unless the lieutenant governor finds by clear and convincing evidence that: (a) the exclusion will leave an unincorporated island within the proposed municipality; and (b) the property receives from the county a majority of currently provided municipal services.

(a) the exclusion will leave an unincorporated island within the proposed municipality; and

(b) the property receives from the county a majority of currently provided municipal services.

(5) Within five days after the day on which the lieutenant governor makes a determination on whether to exclude a property under Subsection (4), the lieutenant governor shall mail or transmit to the owner that requested the property's exclusion and to the contact sponsor written notice of whether the property is excluded from the proposed incorporation boundaries.