Industrial Development

RTI Overlay Zone

What is the RTI Overlay Zone? 

The Overlay Zone has been applied to two major sites in the city known as Pole Canyon and Eagle Mountain Properties. It opens a special approval process for qualifying businesses. It does this by making the areas less regulated and employing more development-friendly standards. 

Who is Eligible? 

Projects that will include at least 100 or more permanent jobs after construction, or at least 100,000 sq. ft. of building floor area in a building or buildings within a single phase of development. Eligible industries include: 

• Corporate campuses or offices 
• Electronic data management businesses 
• Laboratory and testing services (use of animal testing and experimentation is prohibited) 
• Clean manufacturing businesses (no negative impact on air quality) 
• Research and development use 
• Warehouses

How Does It Work? 

1. Application: Project applicants shall submit a complete RTI Site Plan application. 

2. Development Review Committee (DRC): Upon receipt of a complete application, the DRC shall review all aspects of the application and provide the applicant with the required changes within five business days. 
   The DRC shall provide feedback or a final decision within five business days of each submittal or re-submittal and may approve the application, with conditions to be completed during construction or require re-submittal with changes prior to approval. 

3. Grading and Excavation: A permit for grading and excavation may be issued, at the applicant’s risk, prior to project approval by the DRC. 

4. Approval Authority: The DRC has final approval authority for RTI applications. No public hearings are required 

Tax Increment Financing

The Eagle Mountain Redevelopment Agency was formed to enable the capability of creating Community Reinvestment Areas (CRA) allowable per State of Utah law. These CRAs give the Eagle Mountain RDA the ability to engage in a common economic development practice of Tax Increment Financing (TIFs) to incentivize companies to locate their businesses or components of their businesses in Eagle Mountain. We have engaged in TIFs with several businesses which has resulted in significant investment in Eagle Mountain.  

TIF arrangements usually involve the participation of other taxing entities. Taxing entities may include the School District, the County, Unified Fire Service Authority, and Central Utah Water Conservancy District. While each of these entities have their own policies and practices regarding participation in tax increment financing, historically, they have been supportive of Eagle Mountain’s efforts to attract new economic development opportunities. 

Utah Technology Innovation Funding

Utah Technology Innovation Funding (UTIF) is a program to support Utah small companies in their efforts to develop novel technology and products through the Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs. Applicants and winners can apply for microgrants and non-recourse loans.

Economic Assistance Grant

The Economic Assistance Grant assists Utah businesses in promoting and supporting economic opportunities in the state. It also provides services related to industry, education, community development, or infrastructure.

Artificial Intelligence Grant Pilot Program

The Artificial Intelligence Grant Pilot Program aims to award grants to businesses to develop programs, materials, and curricula for teaching an artificial intelligence course to students. It will emphasize practical training and prepare students for career opportunities in technology. 
The maximum award amount is $1 million.

Utah Economic Opportunity Tax Credit

The Utah Legislature created the Economic Development Tax Increment Financing (EDTIF) corporate incentive program in 2005. As the state’s economic needs evolve, the Legislature fine-tunes the EDTIF program to maintain Utah’s robust environment for economic development.

Industrial Assistance Account

The IAA is a post-performance grant for the creation of high-paying Utah jobs. 

Requirements: 

• Create new high-paying Utah jobs. 
• At least 50 jobs in urban counties. 
• At least 110% of urban county average wage, or 110% of rural county average wage. 
• Obtain commitment from local government to provide local incentives. 
• Demonstrate company stability and profitability. 
• Demonstrate competition with other locations. 
• Enter into an incentive agreement with the Governor’s Office of Economic Opportunity, which specifies performance milestone. 

Utah New Market Tax Credit

In 2014, the Utah Legislature enacted the Utah Small Business Jobs Act to attract additional investment in the most severely distressed areas of the state. 

New Market Tax Credit programs are an effective tool used by the federal government and 13 states, including Utah, to attract private capital investment for areas in need of job growth and economic opportunities. 

Technology & Life Science Tax Credit

During the 2016 general session, the Utah Legislature changed the Technology and Life Science Economic Development Act, giving the Governor’s Office of Economic Opportunity authority to issue tax credits to qualifying technology and life science investors. 

Eligible investors may submit applications for tax credits drawn from $300,000 of funds set aside by the Legislature. 

Investment 

• Post-performance, non-refundable tax credit for up to 35% of the investment over three years. 
• Up to 10% of the purchase price of the qualifying ownership interest in the year the qualifying ownership interest is purchased. 
• Up to 10% of the purchase price in the second year after the qualifying ownership interest is purchased. 
• Up to 15% in the third year after the qualifying ownership interest is purchased. 
• Tax credits for Utah life science entities capitalized under $2,500,000. 
• An investor must invest at least $25,000 and not have more than a 30% ownership interest in the business entity at the time of investment. 
• The investment may not be finalized before application and formal approval of the tax credit. 
• No credit may exceed $350,000 in any year. 
• Not permitted to carry forward or backward.