Utah Inland Port Authority establishes new loan approval committee

The Utah Inland Port Authority (UIPA) held its first Loan Approval Committee meeting this week, with a public notary appointing four members to committee positions. The Loan Approval Committee is charged with recommending the terms and conditions of an infrastructure loan agreement and making recommendations for infrastructure loans for UIPA Board approval in accordance with Section 63A-3-404.

Per S.B.241, the two committee members appointed by the Governor included Duncan Evans, Senior Managing Director of Budget and Operations for the Governor's Office of Planning and Budget, and Jonathan Ellis, Assistant Director, Division of Finance at Utah Department of Government Operations. The President of the Senate appointed Kirt Slaugh, Chief Deputy State Treasurer for the Utah State Treasurer's Office. The joint appointment by the President of the Senate and the Speaker of the House of Representatives was Steven Allred, Deputy Fiscal Analyst for the State of Utah. The Speaker of the House of Representatives will be naming a final committee member shortly.

"The commencement of a Loan Approval Committee is a crucial step in laying the groundwork for the advancement of Project Areas," said Benn Buys, UIPA Deputy Director and Chief Financial Officer. "The committee members' expertise will be instrumental in steering the intricate aspects and details of Project Areas forward."

During the meeting's commencement, the committee conducted the election process and designated Steven Allred as Committee Chair. Following this, the first infrastructure loan via the UIPA Infrastructure Bank was introduced and recommended by the Loan Approval Committee in the following manner: "The Loan Approval Committee recommends the Utah Inland Port Authority approve an infrastructure loan from the Inland Port Authority for use by Commerce Crossroads in the Iron Springs Inland Port. The contract shall specify that Commerce Crossroads allows rail access to other local companies to qualify for these state funds. Furthermore, any contracts awarded or tax increment should comply with state procurement law." The recommendation was approved and moved to be approved by the UIPA Board.