(1) (a) There is created the Rural Fast Track Program. (b) The program is a funded component of the economically disadvantaged rural areas designation in Subsection 63N-3-103(1)(a).

(a) There is created the Rural Fast Track Program.

(b) The program is a funded component of the economically disadvantaged rural areas designation in Subsection 63N-3-103(1)(a).

(2) In awarding a grant, loan, or other financial assistance under this section, the administrator shall: (a) consider whether the award will: (i) provide an efficient way for small companies in rural areas of the state to receive incentives for capital investment; and (ii) lead to the creation of high paying jobs in rural areas of the state; and (b) request and consider a recommendation from the Governor's Rural Partnership Board created in Section 63C-10-102 regarding an applicant seeking a grant, loan, or other financial assistance under Subsection (5)(d).

(a) consider whether the award will: (i) provide an efficient way for small companies in rural areas of the state to receive incentives for capital investment; and (ii) lead to the creation of high paying jobs in rural areas of the state; and

(i) provide an efficient way for small companies in rural areas of the state to receive incentives for capital investment; and

(ii) lead to the creation of high paying jobs in rural areas of the state; and

(b) request and consider a recommendation from the Governor's Rural Partnership Board created in Section 63C-10-102 regarding an applicant seeking a grant, loan, or other financial assistance under Subsection (5)(d).

(3) (a) Subject to available funds in the restricted account, at least $1,500,000 from the Industrial Assistance Account created in Subsection 63N-3-103(1) shall be used to fund the program at the beginning of each fiscal year . (b) The amount referred to in Subsection (3)(a) is not in addition to but is a part of the up to 50% designation for economically disadvantaged rural areas referred to in Subsection 63N-3-103(1)(a). (c) If any of the funding referred to in Subsection (3)(a) has not been used in the program by the end of the third quarter of each fiscal year, that money may be used for any other loan, grant, or assistance program offered through the Industrial Assistance Account during the fiscal year.

(a) Subject to available funds in the restricted account, at least $1,500,000 from the Industrial Assistance Account created in Subsection 63N-3-103(1) shall be used to fund the program at the beginning of each fiscal year .

(b) The amount referred to in Subsection (3)(a) is not in addition to but is a part of the up to 50% designation for economically disadvantaged rural areas referred to in Subsection 63N-3-103(1)(a).

(c) If any of the funding referred to in Subsection (3)(a) has not been used in the program by the end of the third quarter of each fiscal year, that money may be used for any other loan, grant, or assistance program offered through the Industrial Assistance Account during the fiscal year.

(4) (a) To qualify for participation in the program a company: (i) shall complete and file with the office an application for participation in the program, signed by an officer of the company; (ii) shall be located and conduct the company's business operations in a county in the state of the third, fourth, fifth, or sixth class as described in Section 17-50-501; (iii) that is located and conducts the company's business operations in a county of the third class as described in Section 17-50-501, may not be located and conduct the company's business operations within a city that has a: (A) population of more than 20,000; or (B) median household income of more than $70,000 as reflected in the most recently available data collected and reported by the United States Census Bureau; (iv) shall have been in business in the state for at least two years; and (v) shall have at least two employees. (b) (i) The office shall verify an applicant's qualifications under Subsection (4)(a). (ii) The application must be approved by the administrator in order for a company to receive an incentive or other assistance under this section. (c) In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, the administrator 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)(v); and (iii) the verification procedure referred to in Subsection (4)(b).

(a) To qualify for participation in the program a company: (i) shall complete and file with the office an application for participation in the program, signed by an officer of the company; (ii) shall be located and conduct the company's business operations in a county in the state of the third, fourth, fifth, or sixth class as described in Section 17-50-501; (iii) that is located and conducts the company's business operations in a county of the third class as described in Section 17-50-501, may not be located and conduct the company's business operations within a city that has a: (A) population of more than 20,000; or (B) median household income of more than $70,000 as reflected in the most recently available data collected and reported by the United States Census Bureau; (iv) shall have been in business in the state for at least two years; and (v) shall have at least two employees.

(i) shall complete and file with the office an application for participation in the program, signed by an officer of the company;

(ii) shall be located and conduct the company's business operations in a county in the state of the third, fourth, fifth, or sixth class as described in Section 17-50-501;

(iii) that is located and conducts the company's business operations in a county of the third class as described in Section 17-50-501, may not be located and conduct the company's business operations within a city that has a: (A) population of more than 20,000; or (B) median household income of more than $70,000 as reflected in the most recently available data collected and reported by the United States Census Bureau;

(A) population of more than 20,000; or

(B) median household income of more than $70,000 as reflected in the most recently available data collected and reported by the United States Census Bureau;

(iv) shall have been in business in the state for at least two years; and

(v) shall have at least two employees.

(b) (i) The office shall verify an applicant's qualifications under Subsection (4)(a). (ii) The application must be approved by the administrator in order for a company to receive an incentive or other assistance under this section.

(i) The office shall verify an applicant's qualifications under Subsection (4)(a).

(ii) The application must be approved by the administrator in order for a company to receive an incentive or other assistance under this section.

(c) In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, the administrator 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)(v); and (iii) the verification procedure referred to in Subsection (4)(b).

(i) the content of the application form referred to in Subsection (4)(a)(i);

(ii) who qualifies as an employee under Subsection (4)(a)(v); and

(iii) the verification procedure referred to in Subsection (4)(b).

(5) (a) The administrator shall make incentive cash awards to small companies under this section based on the following criteria: (i) $1,000 for each new incremental job that pays over 110% of the county's median annual wage; (ii) $1,250 for each incremental job that pays over 115% of the county's median annual wage; and (iii) $1,500 for each incremental job that pays over 125% of the county's median annual wage. (b) The administrator shall make a cash award under Subsection (5)(a) when a new incremental 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 of employees at the company during the previous 12 months. (d) A small company may also apply for grants, loans, or other financial assistance under the program for capital investment to help develop the company's business in rural Utah and may receive: (i) up to $50,000 under the program if approved by the administrator; or (ii) over $50,000 under the program if approved by the administrator and the board.

(a) The administrator shall make incentive cash awards to small companies under this section based on the following criteria: (i) $1,000 for each new incremental job that pays over 110% of the county's median annual wage; (ii) $1,250 for each incremental job that pays over 115% of the county's median annual wage; and (iii) $1,500 for each incremental job that pays over 125% of the county's median annual wage.

(i) $1,000 for each new incremental job that pays over 110% of the county's median annual wage;

(ii) $1,250 for each incremental job that pays over 115% of the county's median annual wage; and

(iii) $1,500 for each incremental job that pays over 125% of the county's median annual wage.

(b) The administrator shall make a cash award under Subsection (5)(a) when a new incremental 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 of employees at the company during the previous 12 months.

(d) A small company may also apply for grants, loans, or other financial assistance under the program for capital investment to help develop the company's business in rural Utah and may receive: (i) up to $50,000 under the program if approved by the administrator; or (ii) over $50,000 under the program if approved by the administrator and the board.

(i) up to $50,000 under the program if approved by the administrator; or

(ii) over $50,000 under the program if approved by the administrator and the board.

(6) The administrator shall make an annual report to the board of the awards made by the administrator under this section and submit a report to the office on the awards and the impact of the awards on economic development in the state's rural areas for inclusion in the office's annual written report described in Section 63N-1-301.