Section 870-RICR-30-00-6.15 - TIF AgreementA. Upon approval of TIF Incentive by the Board and in order to safeguard the expenditure of public funds and sure that the disbursement of funds further the objectives of the Act, the Corporation and the Applicant will enter into a TIF Agreement, which shall include, among others, the following terms: 1. A detailed description of the boundaries of the Qualifying TIF Area;2. The period in years in which the Applicant will be eligible for Annual TIF Payments, the maximum amount of Project Cost, the maximum percentage reimbursement amount, the maximum aggregate dollar amount of the TIF Incentive to be awarded to the Applicant, the maximum annual percentage of reimbursement, the particular tax or taxes to be included in the Eligible Revenues and the order in which multiple taxes will be applied to determine the TIF Incentive grant amount;3. The TIF Incentive shall be issued prior to the Qualified Developed Project being Placed in Service or such later date as determined by the Board in its approving resolution;4. If applicable, a provision requiring that the receipt of TIF Payments for any year be subject to the Applicant meeting any job creation or retention requirements or any other conditions that the Corporation, it its sole discretion, shall set as a condition of its approval of TIF Incentive for the Applicant;5. Evidence that the Applicant is in good standing with the Secretary of State and Division of Taxation at the time of execution of the TIF Agreement; a Letter of Good Standing from the Division of Taxation shall be evidence of good standing;6. A provision indicating whether the TIF Incentive is allowed as a payment from the State subject to annual appropriation or as an exemption subject to payment to the Corporation as provided in the Act;7. At the Corporation's discretion, a provision requiring the Applicant to pay the Corporation's reasonable costs, including attorneys' fees, incurred in connection with the negotiation, execution and enforcement of the TIF Agreement;8. Indemnification and insurance requirements;9. Default and remedies including events, if any, that would trigger forfeiture, revocation, and/or repayment of the TIF Incentive;10. Reporting requirements including, but not limited to, any requirements under the Act;11. The imposition of such restrictions or covenants upon the Qualified Development Project as may be necessary to ensure continued compliance with the Act and the Rules;12. The procedure by which the Developer may pledge and assign as security for any loan, any or all of its rights, title and interest in and to the TIF Agreement and in the TIF Incentive;13. A certification procedure, which shall include, but not be limited to, the following: a. Representations that the Qualified Development Project complies with all applicable laws and regulations;b. Evidence that the Applicant is in good standing with the Secretary of State and the Division of Taxation at the time the Applicant files its certification for issuance of the TIF Incentive; a Letter of Good Standing from the Division of Taxation shall be evidence of good standing;c. A requirement that the Applicant submit, prior to issuance of any TIF Payment, satisfactory evidence of the actual Project Cost, as certified by a certified public accountant. If the actual Project Cost is less than the estimated Project Cost forming the bases for the approval of the awarded TIF Incentive, then the awarded incentives shall be reduced based upon the actual Project Cost;d. Evidence that the Qualified Development Project has been Placed in Service and/or meets such other criteria as imposed by the Board in its approving resolution; ande. If applicable, evidence that the Applicant has met any additional job creation or retention requirements or any other conditions that the Corporation, in its sole discretion, set as a condition of its approval of TIF Incentive for the Applicant.870 R.I. Code R. 870-RICR-30-00-6.15
Amended effective 12/19/2018