(1) In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, the office shall make rules establishing the eligibility and reporting criteria for an entity to receive a grant under this part, including:
(a) the form and process of submitting an application to the office for a grant;
(b) which entities are eligible to apply for a grant;
(c) the method and formula for determining grant amounts; and
(d) the reporting requirements of grant recipients.
(2) In determining the award of a grant, the office may prioritize projects:
(a) that will serve underprivileged or underserved communities, including communities with high unemployment or low median incomes;
(b) where an applicant demonstrates comprehensive planning of the project but has limited access to financial resources, including financial resources from local or county government; and
(c) that maximize economic development opportunities in collaboration with the economic development needs or plans of an educational institution, a county, and a municipality.
(3) Subject to legislative appropriation, a grant may only be awarded by the executive director.
(4) A grant may only be awarded under this part:
(a) if the grant recipient agrees to provide any combination of funds, land, buildings, or in-kind work in an amount equal to at least 25% of the grant;
(b) if the grant recipient agrees not to use grant money for the ongoing operation or maintenance of a coworking and innovation center; and
(c) in an amount no more than $500,000 to a grant applicant.