R357-1-2. Definitions

  (1) "Administrator" means the Director of the Governor's Office of Economic Development or the Director's designee.

  (2) "Office" means the Utah Governor's Office of Economic Development (GOED).

  (3) "Baseline employment number" means the same as the term is used in part R357-1-5(4)(a) of this section.

  (4) "Full Time Employee" (FTE) means an employee who works at least 30 hours per week at the location of the Rural Fast Track project.

  (5) "In business" means the business was legally formed, and is measured from the date upon which a business or company was formed or created as shown on articles of incorporation, certificate of existence, state registration, or other similar, legally sufficient document.

  (6) "Leisure and Hospitality" has the same meaning as the definition in the North American Industry Classification System (NAICS) Codes.

  (7) "New incremental job" means a Full Time Employee position created in addition to the baseline employment number.

  (8) "Production agriculture" means the act of cultivating land and rearing crops and livestock.

  (9) "Professional services" means services that are provided by a certified member of a professional body, e.g. accounting, legal, or medical.

  (10) "Profitability" means a positive net income as demonstrated on tax returns for the most recent two years for which tax returns are available.

  (a) If net income shown on tax returns is less than $1, the applicant company may still demonstrate profitability by providing receipts to ORD that show capital improvements made in company infrastructure for the corresponding tax years.

  (b) Qualifying capital investment receipts plus net income must be greater than $1 to demonstrate profitability. Accelerated depreciation may not be used in this calculation.

  (11) "Resort community" means a municipality in which the transient room capacity as defined in Utah Code Section 59-12-405 is greater than or equal to 66% of the municipality's permanent census population.

  (12) "Retail" means a business or person that sells goods to an end-user or consumer.

  (13) "Small company" means the same as the definition for small business as set forth by the United States Small Business Administration's Table of Small Business Size Standards Match to North American Industry Classification System (NAICS) codes.

  (14) "Specialized vehicle" means a vehicle which is used exclusively for business purposes, and has been modified or specialized through the addition of equipment, and other permanently attached tools, and performs specific and specialized functions.

  (15) "Unique project" means a project that adds a new product, service, or process distinct and separate from any project for which the applicant company has previously received funding under this program.

  (16) "Value-added agriculture" is a process which results in a change in the physical state or form of an agricultural product in a manner that enhances its value and expands the customer base of the product, e.g. milling wheat into flour or making strawberries into jam.