Section 870-RICR-30-00-2.8 - Application Review and ApprovalA. 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 award an incentive to the Applicant. In approving an incentive, the Corporation shall make the following findings in connection with approval of any award of incentives under the Act and these Rules: 1. that the total amount of the award to the Applicant is not more than ten percent (10%) of the Forgone Tax Revenue in relation to the Qualified Development Project; and2. that the award of incentives is subject to the availability of funding from annual appropriations.D. In determining whether to approve an award of incentives under the Act, the Corporation may take into account, in consideration with other factors deemed relevant by the Corporation, the following:1. The catalytic impact of the Qualified Development Project;2. Whether the Qualified Development Project furthers State or municipal planning and development objectives, or both;3. Whether the provision of an incentive under the Act is a material factor in the decision of the municipality to grant the Qualifying Tax Stabilization Agreement; and4. Whether the Qualified Development Project maximizes the value of vacant, dilapidated, outmoded, or underutilized property.E. If the Corporation determines that it will not award an incentive to an Applicant who has submitted a complete Application, it shall notify the Applicant in writing of such decision.F. The Corporation may set periodic Application deadlines that will be published on the Corporation's web site from time to time.870 R.I. Code R. 870-RICR-30-00-2.8