R357-2-3. Definitions

  (1) As used in this Rule;

  (a) "Available Tax Credit" means the unencumbered amount of the annual $300,000 tax credit provided for in 63N-2-302(2).

  (b) "Executive Committee" means the Executive Committee of the Governor's Rural Partnership Board provided for in UCA 63C-10-102(5)

  (c) "Full Time Equivalent Employee" means an individual full time employee of the business applicant's Utah Business that is a Utah Resident and employed at least 30 hours per week (excluding lunch) during each week.

  (d) "New Capital Development" means any new

  (i) facility with construction costs of $100,000 or more, which includes additions to existing facilities and the enclosure of space that was not previously fully enclosed;

  (ii) remodeling, site, or utility project with costs of $100,000 or more; or

  (iii) purchase of real property.

  (e) "Project" means the plan as described in the application submitted to The Office of Rural Development by the business applicant including the projects objectives, projections, and scope.

  (f) "Substantial New Employment" means new full time equivalent employees the Business Applicant will add in the following three tax year(s) as specified in the application and where substantial is measured and determined by the Executive Committee of the Governor's Rural Partnership Board in relation to:

  (i) The economic impact on the community in which the project will occur, including:

  (A) salary and wages of the new full time equivalent employees in comparison to the county average wage;

  (B) whether or not health and other benefits will be provided to all the new full time equivalent employees in addition to the salary and wages;

  (C) the business applicant's declared number of projected new full time equivalent employees in comparison to the overall county employment numbers provided by the Department of Work Force Services;

  (D) the amount of new full time equivalent employees in comparison to the business applicant's current number of full time equivalent employees; and

  (E) any other factors that the Executive Committee considers as substantial new employment.

  (2) For all other relevant terms not defined in this rule, the definitions set forth in UCA 63N-2-301 shall apply.