870 R.I. Code R. 870-RICR-30-00-3.8

Current through December 3, 2024

Section 870-RICR-30-00-3.8 - Application

A. Each Application made by an Applicant shall include the following information in an application format prescribed by the Corporation:

1. The name, address and principal contact for the Applicant;

2. State and Federal tax identification numbers;

3. The location of the Project;

4. A description of the experience developing and/or operating projects similar to the proposed Project of the Applicant and of the personnel primarily responsible for the Project;

5. A business plan and/or market study for the Project detailing major risks, business drivers and financial opportunity;

6. A description and assessment of the Project's catalytic impact;

7. For a Commercial or Mixed Use Project, identification of prospective businesses that will occupy the Project, type of businesses and principal products and services (if applicable or known);

8. For a Residential or Mixed Use Project, a description of unit sizes/layouts, projected sales/lease pricing and affordability mix;

9. The status of control of the entire Project Area shown for each block and lot as indicated on the municipal assessor's tax map(s);

10. A construction schedule for the Project or each phase of the Project;

11. A detailed itemization of the estimated Project Costs;

12. A detailed description of the financing for the Project including all sources and amounts of funding, projected internal rate of return, net margin, return on investment and cash on cash yield;

13. The total dollar amount of the Tax Credits requested, as well as a schedule of the allocation of that total over the five-year Eligibility Period.

14. A pro forma demonstrating that the Project is likely to be realized with the provision of the Tax Credits requested but is not likely to be accomplished in this State by private enterprise without the Tax Credits;

15. A list and status of all required Federal, State and/or municipal approvals and/or permits required for the Project;

16. A delineation of any other federal, State or local incentives, grants, tax credits or other aid that will or may be received or requested by the Applicant or an Affiliate of the Applicant in relation to the Project;

17. Whether the Applicant has obtained a tax stabilization agreement from the municipality in which the Project is located; or a description of the commercially reasonable efforts the Applicant has or will take to obtain such an agreement; or an explanation for why the Applicant is not seeking such an agreement;

18. If the Applicant seeks a Tax Credit in excess of 20% of the total Project Cost, documentation sufficient to demonstrate that the Project satisfies one or more of the criteria set forth in § 3.7(B) of this Part; and

19. Such other information as the Corporation deems appropriate or necessary in connection with a particular Project; and B. The Application shall also require a certification from the Applicant's chief executive officer or equivalent officer as to the following:

1. The Applicant has committed Equity in not less than twenty percent (20%) of the total Project Cost;

2. A Project Financing Gap exists on the Project; and

3. The Project meets the eligibility criteria set forth in § 3.6 of this Part for approval by the Board as a Qualified Development Project.

870 R.I. Code R. 870-RICR-30-00-3.8

Amended effective 12/19/2018