870 R.I. Code R. 870-RICR-30-00-6.14

Current through December 3, 2024

Section 870-RICR-30-00-6.14 - TIF Payments

A. The Total TIF Payment shall be paid in annual installments and shall be subject to appropriation.

B. An Annual TIF Payment shall not be allowed prior to the taxable year in which the Qualified Development Project is Placed in Service.

C. The Annual TIF Payment shall not exceed 75% of the actual Incremental Revenues for the year corresponding to the Annual TIF Payment.

D. The Total TIF Payment received by any Applicant for a given Qualified Development Project shall not exceed the lesser of

1. thirty percent of the Project Cost as provided in the Application; or

2. thirty percent of the total Project Cost as certified by the Corporation pursuant to these Rules; provided, however, that the limitation of this Subsection shall not apply to projects for public infrastructure, a preexisting municipally-owned stadium of 10,000 seats or greater, or utilities.

870 R.I. Code R. 870-RICR-30-00-6.14

Amended effective 12/19/2018