Rule 13 - Incentive AgreementUpon approval of a Tax Credit for an Applicant by the Board, the Corporation and the Applicant will enter into an Incentive Agreement prior to the issuance of any Tax Credit to the Applicant. In order to safeguard the expenditure of public funds and ensure that the disbursement of funds further the objectives of the Act, the Incentive Agreement shall include, among others, the following terms:
(a) the maximum amount of Tax Credits awarded and a schedule on which the Tax Credits may be awarded;(b) a provision that the Tax Credits shall not be issued prior to both (1) the issuance of a certificate of occupancy for the project or as of a lease commencement date or other such related commitment; and (2) validation by the Corporation that the Qualified Business has created the number of New Full-Time Jobs required by Section 42-64.30-5(a)(1) and (2) of the General Laws;(c) a provision detailing the minimum number of New Full-Time Jobs to be created and such additional qualifying criteria that formed the basis for the approval of Tax Credits for the Applicant;(d) a provision specifying for the withholding of any portion of a Tax Credit or requiring repayment of a Tax Credit if the Qualified Business leaves the State within a period of time set forth in the Incentive Agreement;(e) evidence that the Applicant is in good standing with the Secretary of State and Division of Taxation at the time of execution of the Incentive Agreement; a Letter of Good Standing from the Division of Taxation shall be evidence of good standing;(f) at the Corporation's discretion, a provision requiring the Applicant to pay the Corporation's reasonable attorneys' fees incurred in connection with the negotiation, execution and enforcement of the Incentive Agreement;(g) indemnification and insurance requirements;(h) default and remedies including events that would trigger forfeiture or revocation of the awarded Tax Credits including, but not limited to, a provision that if information comes to the attention of the Corporation that is materially inconsistent with representations made in an Preliminary or Final Application and/or any request for Certification, the Corporation may deny a request for Certification, or revoke a Certification previously given, with any processing fees paid to be forfeited;(i) reporting requirements including, but not limited to, any requirements under the Act;(j) an acknowledgment from the Qualified Business that it will provide information reasonably necessary to validate the Applicant's qualification for Tax Credits under the Act and these Rules;(k) a certification procedure, which shall include, but not be limited to, the following: (1) Representations that the Qualifying Relocation meets the eligibility criteria under the Act and these Rules;(2) Representations that the Qualifying Relocation meets all of the criteria set forth in the Incentive Agreement;(3) Evidence that the Applicant is in good standing with the Secretary of State and Division of Taxation at the time Applicant files its certification for issuance of incentives; a Letter of Good Standing from the Division of Taxation shall be evidence of good standing; and(4) A requirement that the Applicant submit with its request for certification for issuance of the Tax Credits, satisfactory evidence of the New Full-Time Jobs created and the compensation and benefits provided for such jobs, which evidence shall be certified by a certified public accountant; and(l) any other provisions that the Corporation determines are necessary to comply with the Act, these Rules, and other applicable State laws and administrative rules.