Section 870-RICR-20-00-6.5 - DefinitionsA. The following words and terms, when used in these Rules, shall have the following meanings, unless the context clearly indicates otherwise.1. "Act" means R.I. Gen. Laws Chapter 42-64.27 known as the Main Street Rhode Island Streetscape Improvement Fund.2. "Agreement" means the contract between the Applicant and the Corporation, which sets forth the terms and conditions under which the Applicant shall be eligible to receive funding under the Act.3. "Applicant" means a municipality, a political subdivision of a municipality, or an Economic Development Organization that applies for funding under the Act and these Rules.4. "Application" means the application, promulgated by the Corporation, which must be completed and submitted by an Applicant pursuant to the requirements of the Act and these Rules.5. "Award" means the approval of an Application for funding under the Act by the Board.6. "Board" means the board of directors of the Corporation.7. "Committed match" means a match for a Streetscape Improvement Project that is committed prior to the receipt of funds pursuant to the Act. The match shall be in the form of cash or the appraised value of any real estate necessary for the project that is contributed in order to construct the project; provided that a match comprised of real estate shall require the submission of an appraisal not older than one (1) year from the date of Application. A Committed Match may include funds expended within six (6) months prior to the date of the Application for engineering, design, investigations, environmental assessment or studies, legal fees, or costs incurred in obtaining necessary municipal approvals; provided that no funds expended or obligated to be paid prior to July 1, 2015 shall qualify as part of the Committed Match. A Committed Match shall not include funds expended on general overhead, salary, or other such expenses that are not incurred directly and exclusively for the Streetscape Improvement Project.8. "Corporation" means the Rhode Island Commerce Corporation established pursuant to R.I. Gen. Laws Chapter 42-64.9. "Economic development organization" means a nonprofit corporation, quasi-public corporation, association of businesses, or other entity whose purpose includes the enhancement of economic conditions or quality of life within its community or the State.10. "Political subdivision" means a separate agency or unit of local government created or established by law.11. "Streetscape improvement project" means a technical assistance project that supports future physical improvements to a streetscape or a project that creates a physical improvement to a streetscape, such as, but not limited to, enhanced sidewalks and sidewalk amenities, new street furniture, new wayfinding signage, upgraded building facades, or improved street and public space lighting.12. "State" means the State of Rhode Island.870 R.I. Code R. 870-RICR-20-00-6.5
Amended effective 11/7/2022
Amended effective 1/3/2024