Section 870-RICR-30-00-9.5 - DefinitionsA. The following words and terms, when used in these Rules, shall have the following meanings, unless the context clearly indicates otherwise.1. "Act" means R.I. Gen. Laws Chapter 45-33.4.2. "Applicant" means an entity and the City or Pawtucket Redevelopment Agency that jointly apply for Certification pursuant to these Rules, or, upon written authorization from the Corporation, the City or the Pawtucket Redevelopment Agency without joinder of another party.3. "Application" means a document and additional materials in the form prescribed by the Corporation submitted by the Applicant to the Corporation as provided in this Part.4. "Award" shall mean the award by the Board of an amount of Baseline Revenue.5. "Baseline revenue" means the combined amount of existing tax revenues realized in the Districts pursuant to R.I. Gen. Laws § 45-33.4-1(13), as established by the Division.6. "Board" means the Board of Directors of the Corporation, or, at the election of such directors, a committee thereof.7. "Certification" means the document issued to an Applicant by the Corporation certifying to the State Division of Taxation the amount of the Award and taxable year(s) in which such Award is payable, and such other information deemed appropriate by the Corporation.8. "City" means the City of Pawtucket.9. "Corporation" means the Rhode Island Commerce Corporation.10. "Corporation act" means R.I. Gen. Laws Chapter 42-64.11. "Districts" means the arts district, the ballpark district and the growth center district as defined in R.I. Gen. Laws § 45-33.4-1.12. "Division" means the Division of Taxation within the Department of Revenue.12. "Incentive agreement" means an agreement between the Corporation and an Applicant setting forth the terms and conditions of an Award.13. "Placed in service" means the earlier of: a. Substantial construction or rehabilitation work has been completed which would allow for occupancy of an entire structure or some identifiable portion of a structure, as determined by the Corporation and set forth in the Incentive Agreement;b. Receipt by an Applicant, of a certificate, permit or other authorization allowing for occupancy of the Project or some identifiable portion of the Project issued by the municipal or State authority having jurisdiction; orc. For public improvements, as determined by the Corporation and set forth in the Incentive Agreement.14. "Project" shall have the same meaning as set forth in the Act.15. "State" means the State of Rhode Island.870 R.I. Code R. 870-RICR-30-00-9.5
Adopted effective 12/7/2020