870 R.I. Code R. 870-RICR-30-00-8.10

Current through December 3, 2024

Section 870-RICR-30-00-8.10 - Board Consideration of Application

A. Upon referral from staff of the Corporation, the Board will determine whether the Application is complete and will consider, among other things, the following in making such determination:

1. Whether all information required by these Rules has been submitted by the Applicant; and

2. Whether the Business Plan is complete and satisfactory to the Board as determined in its discretion.

B. If the Board determines that the Application is incomplete the Corporation shall provide notice to the Applicant of a conditional rejection of the Application within thirty days of the date of referral of the Application by the staff of the Corporation to the Board.

1. The Applicant shall have fifteen days from the date of the notice of conditional rejection under § 8.10(B) of this Part to provide all additional information to the Corporation or otherwise cure such deficiencies in the Application necessary to complete the Application. If the Applicant fails to provide any additional information, the Application shall be deemed rejected without further action by the Board or the Corporation. The Board shall make a determination of completeness to the extent the Applicant timely submits additional information.

a. If the Applicant fails to timely provide all additional information to the Corporation or cure any deficiencies necessary to complete the Application as determined by the Board, the Corporation shall provide a final notice of rejection and denial to the Applicant within thirty days after the deadline for submission under§ 8.10(B)(1) of this Part. Upon the issuance of such final notice of rejection and denial, the Applicant shall only be eligible to submit a new Application with a new submission date.

b. If the Applicant timely provides all additional information to the Corporation and cures any deficiencies necessary to complete the Application as determined by the Board, the Corporation shall provide a notice to the Applicant within thirty days after the deadline for submission under § 8.10(B)(1) of this Part indicating that the Application is complete.

C. If the Board determines the Application is complete, the Board will then determine whether the Corporation will grant or deny the Application in full or in part within 30 days from its determination of completeness. The Corporation shall deny the Application if:

1. The Applicant does not satisfy the Eligibility Criteria set forth in § 8.6 of this Part;

2. The Revenue Impact Assessment does not demonstrate that the Applicant's Business Plan will result in a Positive Economic Impact on the State over a ten year period that exceeds the cumulative amount of tax credits that would be issued if the Application were approved;

3. The Corporation has already approved the maximum amount of Capital Investment permitted under the Act; or

4. The Board is unable to make the findings required under the Corporation Act.

D. The Board may condition approval of an Application in its discretion.

E. The Board may, for the purposes of the consideration of Applications under § 8.10 of this Part, seek the input of a committee of the Board.

870 R.I. Code R. 870-RICR-30-00-8.10

Adopted effective 9/27/2019
Amended effective 3/24/2020