Section 504 – Requirements for awarding a working hubs grant.

• (1) In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, the office shall make rules establishing the eligibility and reporting criteria for an entity to receive a grant under this part, including:
  • (a) the form and process of submitting an application to the office for a grant;
  • (b) which entities are eligible to apply for a grant;
  • (c) the method and formula for determining grant amounts; and
  • (d) the reporting requirements of grant recipients.

• (2) In determining the award of a grant, the office may prioritize projects:
  • (a) that will serve underprivileged or underserved communities, including communities with high unemployment or low median incomes;
  • (b) where an applicant demonstrates comprehensive planning of the project but has limited access to financial resources, including financial resources from local or county government; and
  • (c) that maximize economic development opportunities in collaboration with the economic development needs or plans of an educational institution, a county, and a municipality.

• (3) Subject to legislative appropriation, a grant may only be awarded by the executive director after consultation with the advisory committee.

• (4) A grant may only be awarded under this part:
  • (a) if the grant recipient agrees to provide any combination of funds, land, buildings, or in-kind work in an amount equal to at least 25% of the grant;
  • (b) if the grant recipient agrees not to use grant money for the ongoing operation or maintenance of a coworking and innovation center; and
  • (c) in an amount no more than $500,000 to a grant applicant.

Enacted by Chapter 467, 2019 General Session