• • •
A one-year sunset provision on inactive loan commitments. A streamlined application and contract process to improve customer satisfaction. Emphasis on the need for full financial disclosure by companies before receiving consideration of applications.
Rural Economic Development Economic development in rural Utah remains central to the state’s development activities. Fiscal year 2000 was a banner year for this focus. Loan/grant commitments to companies expanding in rural Utah totaled $850,000. This represents the greatest number of rural loans approved in a single year in the history of the IAF. Indications are that this increase in activity in the Rural Loan Program will continue in the foreseeable future. The Utah Incentive Funds program is making every effort to continue this emphasis on rural Utah. •
The IAF has taken a proactive position in finding and locating businesses to expand in rural Utah. New expansion or relocations include the following companies which plan to add more than 400 new jobs to rural Utah’s economy: Cerro Copper Gossner Foods Great Lakes Cheese
Community Economic Development and Waste Tire Recycling Funds
Project
No grants or loans were made from the Community Economic Development Fund. Recent legislative changes require new guidelines and operating policies which will be created by the Utah Incentive Funds in fiscal year 2001. The Waste Tire Recycling fund was sunset on July 31, 2000.
Mission The Utah Industrial Assistance Fund is a $10 million revolving fund created to bring high-paying quality jobs to the state. The statute has been amended over the years so that the program now encompasses three programs: Rural, Targeted Industry, and Corporate. The mission and goals of the IAF are to best serve Utah taxpayers through: • • • •
Making highest and best use of limited IAF funding. Working toward achieving the original intent of the IAF legislation to create a “revolving loan fund.” Insuring that all parts of Utah, particularly rural areas, receive the benefits of the Incentive Fund programs. Supporting Division of Business and Economic Development efforts for the 2002 Olympic Winter Games.
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