870 R.I. Code R. 870-RICR-30-00-3.12

Current through December 3, 2024

Section 870-RICR-30-00-3.12 - Board Approval

A. Prior to Board consideration for approval of any Qualified Development Project the following conditions shall be satisfied:

1. The Chief Executive Officer of the Corporation has provided written confirmation to the Board a. that the Corporation has reviewed the Application and of any determination regarding the potential impact on the proposed Qualified Development Project's ability to stimulate business development, retain and attract new business and industry to the State; create jobs, including good-paying jobs, for its residents; assist with business, commercial and industrial real estate development and generate revenues for necessary state and local government services; and b. indicating the total Tax Credits to be awarded to the Applicant;

2. The Secretary of Commerce has provided written confirmation to the Board that the recommendation provided to the Chief Executive Officer of the Corporation is consistent with the purposes of the Act; and

3. The Director of the Office of Management and Budget has provided

a. written confirmation to the Board that the total Tax Credits recommended by the Corporation do not exceed the existing and anticipated revenue capacity of the State and its funding commitment described in R.I. Gen. Laws § 42-64.20-7; and

b. an analysis of the fiscal impact, if any, in the year of Application and any subsequent year.

B. Within thirty (30) days after satisfaction of the requirements of § 3.12(A) of this Part, or such later date as the next meeting of the Board is convened, the Board shall undertake review and consideration of the approval of the award of incentives for the Qualified Development Project.

C. In addition to those findings required under R.I. Gen. Laws § 42-64-10, the Board shall make the following findings in connection with approval of any award of incentives under the Act and these Rules:

1. The Applicant's Equity is not less than twenty percent (20%) of the total Project Cost and otherwise meets the total Project Cost criteria of the Act;

2. That there is a Project Financing Gap for the Project such that after taking into account all available private and public funding sources, the Qualified Development Project is not likely to be accomplished by private enterprise without the incentives described in the Act and these Rules;

3. That for Tax Credit awards the total amount of Tax Credits is the lesser of thirty (30%) of the total Project Cost or the amount needed to close the Project Financing Gap;

4. That for any Tax Credit awarded in excess of twenty percent (20%) of the Project Cost, the Qualified Development Project meets the criteria established by the Act, these Rules and/or the Board for such additional Tax Credits together with a delineation of the amount of additional Tax Credits awarded broken down by each qualifying criteria as may be applicable to the Qualified Development Project;

5. That the Chief Executive Officer of the Corporation has provided written confirmation required by the Act;

6. That the Secretary of Commerce has provided written confirmation required by the Act; and

7. That the Office of Management and Budget has provided the written confirmation required under the Act.

870 R.I. Code R. 870-RICR-30-00-3.12

Amended effective 12/19/2018