(1) Subject to the duties and powers of the board under Section 63N-1-402, the administrator may provide money from the Industrial Assistance Account to an entity offering an economic opportunity if that entity: (a) applies to the administrator in a form approved by the administrator; and (b) meets the qualifications of Subsection (2).

(a) applies to the administrator in a form approved by the administrator; and

(b) meets the qualifications of Subsection (2).

(2) As part of an application for receiving money under this section, an applicant shall: (a) demonstrate to the satisfaction of the administrator the nature of the economic opportunity and the related benefit to the economic well-being of the state by providing evidence documenting the logical and compelling linkage, either direct or indirect, between the expenditure of money necessitated by the economic opportunity and the likelihood that the state's tax base, regions of the state's tax base, or specific components of the state's tax base will not be reduced but will be maintained or enlarged; (b) demonstrate how the funding request will act in concert with other state, federal, or local agencies to achieve the economic benefit; (c) demonstrate how the funding request will act in concert with free market principles; (d) satisfy other criteria the administrator considers appropriate; (e) if the applicant meets the requirements of Subsection (2)(f)(i): (i) demonstrate that the funding request will be used primarily to reimburse the applicant for expenses related to a program of marketing and branding for an annual conference for the high tech sector with at least 10,000 attendees that is held on or after January 1, 2019; and (ii) demonstrate that the annual conference described in Subsection (2)(f)(i) met post-performance requirements designated by the administrator regarding: (A) business leads generated by the conference; (B) total attendance at the conference; (C) the number of out-of-state attendees at the conference; (D) the number of out-of-state businesses represented at the conference; and (E) documentation of marketing and advertising money spent outside of the state for the conference; and (f) be either: (i) an entity whose purpose is to exclusively or substantially promote, develop, or maintain the economic welfare and prosperity of the state as a whole, regions of the state, or specific components of the state, including an entity that is a nonprofit organization engaged in publicizing, developing, and promoting the high tech sector in the state through activities that include organizing and hosting an annual conference for the high tech sector with at least 10,000 attendees; or (ii) a company or individual that meets the requirements of Subsections (2)(a) through (d) but does not otherwise qualify under Section 63N-3-105.

(a) demonstrate to the satisfaction of the administrator the nature of the economic opportunity and the related benefit to the economic well-being of the state by providing evidence documenting the logical and compelling linkage, either direct or indirect, between the expenditure of money necessitated by the economic opportunity and the likelihood that the state's tax base, regions of the state's tax base, or specific components of the state's tax base will not be reduced but will be maintained or enlarged;

(b) demonstrate how the funding request will act in concert with other state, federal, or local agencies to achieve the economic benefit;

(c) demonstrate how the funding request will act in concert with free market principles;

(d) satisfy other criteria the administrator considers appropriate;

(e) if the applicant meets the requirements of Subsection (2)(f)(i): (i) demonstrate that the funding request will be used primarily to reimburse the applicant for expenses related to a program of marketing and branding for an annual conference for the high tech sector with at least 10,000 attendees that is held on or after January 1, 2019; and (ii) demonstrate that the annual conference described in Subsection (2)(f)(i) met post-performance requirements designated by the administrator regarding: (A) business leads generated by the conference; (B) total attendance at the conference; (C) the number of out-of-state attendees at the conference; (D) the number of out-of-state businesses represented at the conference; and (E) documentation of marketing and advertising money spent outside of the state for the conference; and

(i) demonstrate that the funding request will be used primarily to reimburse the applicant for expenses related to a program of marketing and branding for an annual conference for the high tech sector with at least 10,000 attendees that is held on or after January 1, 2019; and

(ii) demonstrate that the annual conference described in Subsection (2)(f)(i) met post-performance requirements designated by the administrator regarding: (A) business leads generated by the conference; (B) total attendance at the conference; (C) the number of out-of-state attendees at the conference; (D) the number of out-of-state businesses represented at the conference; and (E) documentation of marketing and advertising money spent outside of the state for the conference; and

(A) business leads generated by the conference;

(B) total attendance at the conference;

(C) the number of out-of-state attendees at the conference;

(D) the number of out-of-state businesses represented at the conference; and

(E) documentation of marketing and advertising money spent outside of the state for the conference; and

(f) be either: (i) an entity whose purpose is to exclusively or substantially promote, develop, or maintain the economic welfare and prosperity of the state as a whole, regions of the state, or specific components of the state, including an entity that is a nonprofit organization engaged in publicizing, developing, and promoting the high tech sector in the state through activities that include organizing and hosting an annual conference for the high tech sector with at least 10,000 attendees; or (ii) a company or individual that meets the requirements of Subsections (2)(a) through (d) but does not otherwise qualify under Section 63N-3-105.

(i) an entity whose purpose is to exclusively or substantially promote, develop, or maintain the economic welfare and prosperity of the state as a whole, regions of the state, or specific components of the state, including an entity that is a nonprofit organization engaged in publicizing, developing, and promoting the high tech sector in the state through activities that include organizing and hosting an annual conference for the high tech sector with at least 10,000 attendees; or

(ii) a company or individual that meets the requirements of Subsections (2)(a) through (d) but does not otherwise qualify under Section 63N-3-105.

(3) Subject to the duties and powers of the board under Section 63N-1-402, the administrator shall: (a) make findings as to whether an applicant has satisfied each of the conditions described in Subsection (2); (b) establish benchmarks and timeframes in which progress toward the completion of the agreed upon activity is to occur; (c) monitor compliance by an applicant with any contract or agreement entered into by the applicant and the state as provided by Section 63N-3-107; and (d) make funding decisions based upon appropriate findings and compliance.

(a) make findings as to whether an applicant has satisfied each of the conditions described in Subsection (2);

(b) establish benchmarks and timeframes in which progress toward the completion of the agreed upon activity is to occur;

(c) monitor compliance by an applicant with any contract or agreement entered into by the applicant and the state as provided by Section 63N-3-107; and

(d) make funding decisions based upon appropriate findings and compliance.