830 R.I. Code R. 830-RICR-10-25-1.5

Current through December 3, 2024

Section 830-RICR-10-25-1.5 - Approval Process

A. In accordance with the Brownfields RLF Act, approvals for financial assistance are subject to the project(s) being listed on the project priority list established by the Rhode Island Department of Environmental Management. Projects not listed on the project priority list shall not be eligible for financial assistance from the Brownfields Revolving Loan Fund. The Bank shall use the project priority list to determine the order in which financial assistance shall be awarded. The Bank will conduct a financial analysis for each application which will take into consideration factors including, but not limited to:

1. Sources of revenue and financial liquidity;

2. Historical and projected financial operating results;

3. Present and future debt service requirements;

4. Impact of dedicated user fees and/or general revenues;

5. Cost of the project and completion schedule;

6. Long term capital replacement planning;

7. Socioeconomic conditions and trends;

8. Management qualifications and experience;

9. Redevelopment status of property in question; and

10. Effects of legal structure and any regulator control.

B. Based on the above factors, and any other factors deemed relevant by the Bank, the Board of Directors shall consider an application for approval. If an application is approved for funding from the Brownfields Revolving Loan Fund, a commitment letter will be issued to the applicant for their acceptance.

830 R.I. Code R. 830-RICR-10-25-1.5