(1) As used in this section: (a) "Qualified business entity" means a business entity that: (i) has a primary market for the qualified business entity's goods or services outside of the state; and (ii) is not primarily engaged in retail sales. (b) "Tax increment incentive" means the portion of an agency's tax increment that is paid to a qualified business entity for the purpose of implementing a community reinvestment project area plan.

(a) "Qualified business entity" means a business entity that: (i) has a primary market for the qualified business entity's goods or services outside of the state; and (ii) is not primarily engaged in retail sales.

(i) has a primary market for the qualified business entity's goods or services outside of the state; and

(ii) is not primarily engaged in retail sales.

(b) "Tax increment incentive" means the portion of an agency's tax increment that is paid to a qualified business entity for the purpose of implementing a community reinvestment project area plan.

(2) An agency and a qualified business entity may, in accordance with Subsection (3), enter into an agreement that allows the qualified business entity to receive a tax increment incentive.

(3) An agreement described in Subsection (2) shall set annual postperformance targets for: (a) capital investment within the community reinvestment project area; (b) the number of new jobs created within the community reinvestment project area; (c) the average wage of the jobs described in Subsection (3)(b) that is at least 110% of the prevailing wage of the county within which the community reinvestment project area is located; and (d) the amount of local vendor opportunity generated by the qualified business entity.

(a) capital investment within the community reinvestment project area;

(b) the number of new jobs created within the community reinvestment project area;

(c) the average wage of the jobs described in Subsection (3)(b) that is at least 110% of the prevailing wage of the county within which the community reinvestment project area is located; and

(d) the amount of local vendor opportunity generated by the qualified business entity.

(4) A qualified business entity may only receive a tax increment incentive: (a) if the qualified business entity complies with the agreement described in Subsection (3); (b) on a postperformance basis; and (c) on an annual basis after the agency receives tax increment from a taxing entity.

(a) if the qualified business entity complies with the agreement described in Subsection (3);

(b) on a postperformance basis; and

(c) on an annual basis after the agency receives tax increment from a taxing entity.

(5) An agency may create or amend a community reinvestment project area plan for the purpose of providing a tax increment incentive without complying with the requirements described in Chapter 1, Part 8, Hearing and Notice Requirements, if: (a) the agency: (i) holds a public hearing to consider the need to create or amend a community reinvestment project area plan on an expedited basis; (ii) posts notice at least 14 days before the day on which the public hearing described in Subsection (5)(a)(i) is held on: (A) the community's website; and (B) the Utah Public Notice Website as described in Section 63F-1-701; and (iii) at the hearing described in Subsection (5)(a)(i), adopts a resolution to create or amend the community reinvestment project area plan on an expedited basis; (b) all record property owners within the existing or proposed community reinvestment project area plan give written consent; and (c) each taxing entity affected by the tax increment incentive consents and enters into an interlocal agreement with the agency authorizing the agency to pay a tax increment incentive to the qualified business entity.

(a) the agency: (i) holds a public hearing to consider the need to create or amend a community reinvestment project area plan on an expedited basis; (ii) posts notice at least 14 days before the day on which the public hearing described in Subsection (5)(a)(i) is held on: (A) the community's website; and (B) the Utah Public Notice Website as described in Section 63F-1-701; and (iii) at the hearing described in Subsection (5)(a)(i), adopts a resolution to create or amend the community reinvestment project area plan on an expedited basis;

(i) holds a public hearing to consider the need to create or amend a community reinvestment project area plan on an expedited basis;

(ii) posts notice at least 14 days before the day on which the public hearing described in Subsection (5)(a)(i) is held on: (A) the community's website; and (B) the Utah Public Notice Website as described in Section 63F-1-701; and

(A) the community's website; and

(B) the Utah Public Notice Website as described in Section 63F-1-701; and

(iii) at the hearing described in Subsection (5)(a)(i), adopts a resolution to create or amend the community reinvestment project area plan on an expedited basis;

(b) all record property owners within the existing or proposed community reinvestment project area plan give written consent; and

(c) each taxing entity affected by the tax increment incentive consents and enters into an interlocal agreement with the agency authorizing the agency to pay a tax increment incentive to the qualified business entity.