(1)
(a) Except as provided in Subsection (1)(b), a county or municipality may not offer an incentive for a large load data center that is not located within a zone.
(b) Subsection (1)(a) does not apply to:
(i) a project area established before May 6, 2027; or
(ii) an agreement between a county or municipality and a private entity that was executed before May 6, 2027.
(2) In addition to the requirements described in Part 2, Creation of Regionally Significant Development Zones, a creating entity that proposes a zone shall include in the proposal:
(a) a description of the proposed boundaries of the zone;
(b) an assessment of existing electrical energy infrastructure within and proximate to the proposed zone;
(c) a development plan that includes:
(i) anticipated infrastructure improvements;
(ii) projected economic benefits to the county or municipality; and
(iii) evidence of local support, as applicable; and
(d) any other information required by the committee.
(3) A proposal for a zone described in this part:
(a) shall include the diversion of all personal property tax revenue generated within the zone, as described in Subsection 63N-3a-203(4)(c)(ii); and
(b) may include a request to:
(i) capture up to 60% of the property tax increment generated within the zone; and
(ii) divert up to 100% of personal property tax revenue generated within the zone.
(4) A proposed zone may not overlap with:
(a) a project area designated by a community reinvestment agency; or
(b) a project area created by the Utah Inland Port Authority or the Military Installation Development Authority.