870 R.I. Code R. 870-RICR-30-00-6.9

Current through December 3, 2024

Section 870-RICR-30-00-6.9 - Application

A. The Application promulgated by the Corporation shall require submission of the following information from each Applicant:

1. The name, address and principal contact for the Applicant;

2. State and Federal tax identification numbers;

3. The location of the project;

4. For a commercial project or a mixed use project, identification of prospective businesses that will occupy the project, type of businesses and principal products and services (if applicable or known);

5. For a residential project or a mixed use project, a complete description of unit sizes/layouts, projected sales/lease pricing and affordability mix;

6. The status of control of the entire Project Area shown for each plat and lot as indicated on the municipal assessor's tax map(s);

7. A construction schedule for the project or each phase of the project;

8. A detailed itemization of the estimated Project Cost;

9. A detailed description of the financing for the project including all sources and amounts of funding, projected internal rate of return, net margin, return on investment and cash on cash yield;

10. A pro forma demonstrating that the project is likely to be realized with the provision of the TIF Incentive requested but is not likely to be accomplished in this State by private enterprise without the TIF Incentive;

11. A list and status of all required Federal, State and/or municipal approvals and/or permits required for the project;

12. A delineation of any other federal, State or local incentives, grants, tax credits or other aid that will or may be received or requested by the Developer in relation to the project;

13. Whether the Applicant has obtained a tax stabilization agreement from the municipality in which the project is located or, if applicable, the unavailability of a tax stabilization agreement despite commercially reasonable efforts by the Applicant to obtain such an agreement and a description of such efforts;

14. A detailed description of the proposed Qualifying TIF Area, which shall include a description of the boundaries of the proposed Qualifying TIF Area; a description of the existing uses and permitted uses of the land located in the Qualifying TIF Area; a description of the existing commercial activity and specific businesses in the Qualifying TIF Area; a delineation of the taxes to be included in the Eligible Revenue; and the percentage of Incremental Revenue proposed to be eligible for a TIF Incentive;

15. If the Qualifying TIF Area is greater than the boundaries of the Project Area, the Application shall also include the following additional items with respect to the portion of the proposed Qualifying TIF Area located outside of the Project Area (the "benefitted properties"):

a. A listing of each parcel by lot and block number, including for each parcel the name of the title owner, the assessed value, the local zoning designation, and whether the parcel is improved or unimproved, and a copy of any field or proposed development plan relating to such parcel;

b. For each parcel, a certification by the Applicant that it has mailed a copy of a notice of the Application, in a form to be prescribed by the Corporation, to such title owner, by certified mail to the address of the title owner on file with the local tax assessor, which notice shall advise the title owner that it may provide written comment to the Corporation within thirty (30) days following the date of mailing of the notice;

c. A description of the development expected or planned on the benefitted properties, including the identification of the developers, if any, and their contractual relationship, if any, with the Applicant;

d. If the project involves the development of infrastructure or utilities or serve areas beyond the boundaries of the Project Area, a description of the proposed infrastructure or utilities to be developed by the Applicant that will directly or indirectly benefit the benefitted properties, including the cost thereof and any proposed contributions or reimbursements expected to be made by the benefitted properties, together with an assessment of whether any additional infrastructure or utilities beyond those to be provided by the Applicant (e.g., house connections and/or connection main to link to a water or sewer project to be constructed by the Applicant) would need to be provided in order for such benefitted properties to be developed in the manner contemplated by the Application, and a description of any other known development constraints; and

e. If the project does not involve the development of infrastructure or utilities: for each tax the Applicant proposes to include in Eligible Revenue, a description, supported by data, of how the Qualified Developed Project will directly result in an increase of revenue generated from that tax on the benefitted properties; and delineation of the method by which Incremental Revenues on the benefitted properties will be calculated and by which an identified portion or percentage of thereof shall be eligible for any TIF Incentive;

16. any other necessary and relevant information as determined by the Corporation; and

17. A certification from the Applicant as to the following:

a. A Project Financing Gap exists on the project; and

b. The project meets the statutory criteria for approval by the Board as a Qualified Development Project.

870 R.I. Code R. 870-RICR-30-00-6.9

Amended effective 12/19/2018