Section 870-RICR-30-00-6.6 - EligibilityA. In order to be eligible for a TIF Incentive the following requirements shall be satisfied: 1. The project must be located in a Qualifying TIF Area;2. A Project Financing Gap exists;3. The project is:a. a new facility and not a replacement or relocation of an existing facility already located in the State;b. an expansion of an existing facility that will increase the number of full-time employees in the State; orc. necessary to retain one or more At Risk Businesses;4. The Applicant must enter into a TIF Agreement with the Corporation on or before December 31, 2018.B. The Developer of a Qualified Development Project may be eligible for receipt of payment of a portion of the Incremental Revenues directly realized from projects or businesses operating in the Qualifying TIF Area from the taxes assessed and collected under the R.I. Gen. Laws Chapters 44-11, 44-13, 44-14, 44-17, 44-18, 44-19, 44-30 or realized from such venue ticket sales or parking taxes as may be established and levied under State law.870 R.I. Code R. 870-RICR-30-00-6.6
Amended effective 12/19/2018