Section 870-RICR-30-00-6.7 - Request for AuthorizationA. No Application can be filed for a TIF Incentive without written authorization from the Corporation.B. The Corporation may authorize Developers to file an Application for a TIF Incentive through a public request for proposal process; may authorize a Developer who has applied for an economic development incentive under another program administered by the Corporation to supplement that application by filing an Application under the TIF Incentive program; and the Corporation may authorize a Developer to apply for a TIF Incentive after review and approval of a Request for Authorization received from the Developer, in the form promulgated by the Corporation, which shall:1. demonstrate that a TIF incentive is appropriate for the Developer's project because no alternative method of private or public financing, including any and all federal, state, and local grants, incentives, or tax abatements, is readily available to complete the project; and/or a TIF Incentive is the optimal financing source for a project; and/or the project creates direct public benefits, such as, but not limited to, public infrastructure, utilities, and other public amenities; and2. identify the Qualifying TIF Area for the project and the taxes to be included in the Eligible Revenues. The Corporation may request such analyses regarding taxes as may be necessary or helpful.C. In reviewing a Request for Authorization, the Corporation may consider, among other factors, whether other financing options reasonably exist for the project and whether the project has a public interest rationale and is consistent with state and local planning and development objectives.D. If the Corporation determines that it will not grant a Request for Authorization, it shall notify the Developer in writing of such decision.870 R.I. Code R. 870-RICR-30-00-6.7
Amended effective 12/19/2018