Utah Admin. Code R357-10-9 - Revenue Impact Assessments

(1) A REMI (Regional Economic Models, Inc.) or IMPLAN model shall qualify as "national recognized economic development model" for purposes of the revenue impact assessment required by Utah Code Section 63M-1-3511. A qualified community development entity may submit to the executive director a request to use a different revenue impact assessment, and the executive director or its designee shall approve or deny such request within 5 business days.

(2) If a qualified community economic development entity is notified pursuant to Utah Code Section 63M-1-3511(2) that a qualified low-income business investment does not have a revenue positive impact the qualified community development entity will have 5 business days to submit a request for waiver of such requirement.

(a) Any request for waiver shall demonstrate how the qualified low-income community investment will further economic development and shall include at least the following components:

(i) The reason the qualified community development entity is seeking the waiver;

(ii) Documentation supporting the reason the office should grant the waiver;

(iii) Documentation showing the positive economic impacts that will be derived from the qualified equity investment for which the waiver is sought; and

(iv) Documentation to demonstrate the anticipated economic development over a 7-year period.

(b) Within ten (10) days, the office shall provide notice to the requesting qualified community development entity of:

(i) An approval of the request for waiver;

(ii) A denial of the request for waiver; or

(iii) A request for additional information. If additional information is requested, the application shall be approved or denied within ten (10) days of receipt of all additional information.

(3) No investment shall meet the requirements of Utah Code Section 63M-1-3504(1)(c) unless, for such investment, (i) the revenue impact model has been accepted or (ii) the office has granted a waiver pursuant to subsection (2) above.

(4) In connection with any qualified low-income community investment other than those made in satisfaction of the requirement in Utah Code Section 63M-1-3504(1)(c)(i) with respect to investment of 85% of the purchase price of the qualified equity investment in qualified low-income community investments in Utah within 12 months of the issuance of the qualified equity investment, a qualified community development entity shall submit a new revenue impact model prior to making such qualified low-income community investment and such revenue impact model shall be deemed consistent with and include the revenue impact projected in the revenue impact model submitted with respect to the original qualified low-income community investment that was repaid or redeemed and triggered the reinvestment requirement.

Notes

Utah Admin. Code R357-10-9

Adopted by Utah State Bulletin Number 2015-15, effective 7/8/2015