870 R.I. Code R. 870-RICR-30-00-3.10

Current through December 3, 2024

Section 870-RICR-30-00-3.10 - 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. Prior to recommending a Project to the Board for receipt of an incentive, the Corporation shall review each Project to determine if a Project Financing Gap exists. This review shall include testing the validity of the Applicant's financial information and assumptions through the use of financial models and, to the extent necessary, seeking input from third-party consultants.

D. 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 Tax Credit for the Applicant and the amount of the Tax Credit. In developing a recommendation, the Corporation may take into account, in consideration with other factors deemed relevant by the Corporation:

1. The evaluation of the Applicant's pro forma;

2. The Project's catalytic impact, impact on private investment, employment, and state and local revenues, and overall societal impact on the State;

3. The Project's relationship to other Projects awarded or anticipated to be awarded incentives under these Rules and the Act;

4. Whether the Project furthers State or municipal planning and development objectives, or both;

5. Whether the Project maximizes the value of vacant, dilapidated, outmoded, or underutilized property; and

6. Whether there exists an opportunity for the State or the Corporation to recoup or receive a return on all or portion of the sales tax exemption or Tax Credits to be issued to Applicant by virtue of a receipt of an equity stake or other interest in or return from the Project.

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.

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-30-00-3.10

Amended effective 12/19/2018