R357-2-5. Formula for Allocation Cap Amount for Each Business Applicant

  (1) Each business applicant's application will be reviewed, scored, and ranked by the Executive Committee, as follows:

  (a) A weighted score will be given to each application in the following subcategories:

  (i) project;

  (ii) projected new capital development; and

  (iii) projected substantial new employment

  (2) The scoring criteria will be provided to business applicants via the targeted business tax credit application.

  (3) The Executive Committee shall award a targeted business income tax credits to the top ranking projects in descending order, based on the available tax credit and until the cap is reached as set forth in UCM 63N-2-304(2).

  (4) Awards shall be given over a three year period.

  (5) Awards may be allocated as follows:

  (a) $50,000 tax credit for one year of the award, and $25,000 tax credit for two of the three years; or

  (b) The Executive Committee may elect to award available tax credit in a proportionate amount based upon the scores of each application during the solicitation period; or

  (c) The Executive Committee may elect to award available tax credits in an equal amount to each business applicant during the solicitation period

  (2) No business applicant shall receive an award that is in excess of the available tax credit.