(1) As used in this section:
(a) "Business recruitment incentive" means the post-performance payment of property tax differential as an incentive for development within a project area, as provided in this section.
(b) "Incentive application" means an application for a business recruitment incentive.
(c) "Tax differential parcel" means a parcel of land where development activity occurs.
(2) The authority may use property tax differential as a business recruitment incentive as provided in this section.
(3) The board shall establish:
(a) the requirements for a person to qualify for a business recruitment incentive;
(b) the application timeline, documentation requirements, and approval criteria applicable to an incentive application; and
(c) the standards and criteria for approval of an incentive application.
(4)
(a) Subject to Subsection (4)(b), a person may qualify for a business recruitment incentive if:
(i) the person submits an incentive application according to requirements established by the board;
(ii) the person meets the requirements established by the board for a business recruitment incentive; and
(iii) the board approves the incentive application.
(b) A person may not qualify for a business recruitment incentive if the person's development project :
(i) is on authority jurisdictional land; and
(ii) relates primarily to retail operations or the distribution of goods.
(5) The authority may pay a person, on a post-performance basis and as determined by the board, a percentage of property tax differential:
(a) generated from a tax differential parcel and paid to the authority; and
(b) for a specified period of time.