870 R.I. Code R. 870-RICR-20-00-2.10

Current through December 3, 2024

Section 870-RICR-20-00-2.10 - Review Process

A. Each Application shall be reviewed to confirm compliance with the Act and these Rules, and the Corporation may reject any incomplete or deficient Application.

B. The Corporation may require the submission of additional information in connection with any Application or the revision of an Application, and may permit the resubmission of an Application rejected as being incomplete or deficient.

C. After submission of a complete Application and review by the Corporation in accordance with the requirements of the Act and these Rules, the Corporation will determine whether to recommend to the Board that it approve a First Wave Financing for the Project. In developing a recommendation, the Corporation may take into account, in consideration with other factors deemed relevant by the Corporation:

1. economic impact of the Project, including costs and benefits to the State, including the impact on private investment, employment, and state and local revenues, and overall societal impact on the State;

2. the amount of the Project Financing Gap;

3. strategic importance of the Project to the State, region, or locality, including whether the Project furthers State or municipal planning and development objectives, or both and the Project's relationship to other Projects awarded to be awarded incentives under these Rules and the Act;

4. quality and number of jobs produced;

5. quality of industry and Project;

6. any competitive offers regarding the Project from another state or country; and

7. whether there exists an opportunity for the State or the Corporation to recoup or receive a return on all or portion of the First Wave Financing to be provided to the Applicant by virtue of a receipt of an equity stake or other interest in or return from the Project.

D. The Corporation aims to award First Wave Financing to multiple Projects in a given fiscal year. In determining whether to approve an award or awards of First Wave Financing in a given fiscal year, the Corporation shall consider:

1. the number and strength of Applications received;

2. the level of appropriations;

3. the amounts of First Wave Financing sought; and

4. such other factors it deems relevant.

E. If the Corporation determines that it will not recommend a complete Application to the Board for approval of an incentive, it shall notify the Applicant in writing of such decision.

870 R.I. Code R. 870-RICR-20-00-2.10