Section 870-RICR-20-00-2.6 - Funding GuidelinesA. The following requirements must be met for a Project to be eligible for a First Wave Financing: 1. the Applicant must demonstrate need for First Wave Financing by showing that all other options for financing, within reason, have been exhausted;2. the Project must be of a critical or catalytic nature in that it either: a. will result in the creation or retention of at least twenty-five (25) Full-Time Jobs;b. has the potential to spur further private investment or economic activity in the community in which it is located; orc. involves infrastructure or a facility that will support or enhance development in the community in which it is located, including, but not limited to, transportation, parks, greenways, performance venues, meeting facilities, or other community facilities.B. First Wave Financing may be used for: 1. working capital, equipment, furnishings, fixtures;2. the construction or rehabilitation of a structure;3. the purchase of real property;4. as permanent financing; or5. such other purpose as the Corporation approves.C. First Wave Financing is available in the form of debt financing, equity financing, or grants.D. Prior to awarding any First Wave Financing under the Act, the Corporation may, in its discretion, require any Applicant to obtain a tax stabilization agreement from the municipality in which the Project is located on such terms as the Corporation deems acceptable.870 R.I. Code R. 870-RICR-20-00-2.6