870 R.I. Code R. 870-RICR-30-00-6.13

Current through December 3, 2024

Section 870-RICR-30-00-6.13 - Board Approval

A. Prior to Board consideration for approval of any TIF Incentive the following conditions shall be satisfied:

1. The Applicant has submitted a completed Application;

2. The Chief Executive Office 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 Qualified Development Project's ability to promote the retention and expansion of existing jobs, stimulate the creation of new jobs, including good-paying jobs, attract new business and industry to the State, and stimulate growth in real estate developments and/or businesses that are prepared to make meaningful investment and foster job creation in the State; and

b. identifying the proposed boundaries of the Qualifying TIF Area, length of the TIF Agreement and the percentage of Incremental Revenues to be allocated under the TIF Agreement; and

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

d. The Division of Taxation has provided certification of the Revenue Increment Base.

B. Within thirty (30) days after satisfaction of the requirements of § 6.13(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 a TIF Incentive for the Qualified Development Project.

C. In addition to those findings require under R.I. Gen. Laws § 42-64-10(a), the Board shall make the following findings in connection with approval of a TIF Incentive under the Act and these Rues:

1. That there is a Project Financing Gap;

2. That the TIF Incentive is the lesser of thirty percent (30%) of the total Project Cost or the amount needed to close the Project Financing Gap; provided that if the Board chooses to exempt a project for the development of public infrastructure, a preexisting municipally-owned stadium of 10,000 seats or greater, or utilities from said 30% limit requirement pursuant to R.I. Gen. Laws § 42-64.21-6(f), the Board need only find that the TIF Incentive does not exceed the amount needed to close the Project Financing Gap;

3. That the Chief Executive has provided written confirmation required by the Act;

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

5. For an Applicant qualifying as a significant taxpayer as determined by the Board, that the Incremental Revenues may be exempted up to the levels permitted by the Act and the Applicant shall be required to contribute payments in lieu of taxes, pursuant to procedures set forth in § 6.18 of this Part, into the Corporation TIF Fund equal to the amount of such Incremental Revenues as are exempted and awarded as a TIF Incentive.

870 R.I. Code R. 870-RICR-30-00-6.13

Amended effective 12/19/2018