Utah Code Title 63N. Economic Opportunity Act § 63N-2-503. Agreement for development of new convention hotel--Convention incentive authorized--Agreement requirements

(a) for the development of a qualified hotel; and

(b) to authorize a convention incentive:

(a) specify the requirements for the qualified hotel owner or host local government to qualify for a convention incentive;

(b) require compliance with the terms of the endorsement letter issued by the county in which the qualified hotel is proposed to be located;

(c) require the amount of certified claims for the first two years of the eligibility period to be reduced by $1,900,000 per year;

(d) with respect to the state portion of the convention incentive:

(e) establish a shorter period of time than the period described in Subsection 63N-2-502(10)(a) during which the qualified hotel owner or host local government may claim the convention incentive or that the host agency may be paid incremental property tax revenue, if the office and qualified hotel owner or host local government agree to a shorter period of time;

(f) require the qualified hotel owner to retain books and records supporting a claim for the convention incentive as required by Section 59-1-1406;

(g) allow the transfer of the agreement to a third party if the third party assumes all liabilities and responsibilities in the agreement;

(h) limit the expenditure of funds received under the convention incentive as provided in Section 63N-2-512; and

(i) require the qualified hotel owner or host local government to submit to any audit and to provide any audit level review or other level of review the office considers appropriate for verification of any claim.