870 R.I. Code R. 870-RICR-30-00-9.6

Current through December 3, 2024

Section 870-RICR-30-00-9.6 - Application

A. An Application shall be made by the Applicant in the format prescribed by the Corporation. In order for the Corporation to determine whether an Applicant is compliant with R.I. Gen. Laws § 45-33.4-1(13), the Applicant must submit, the following information in the Application:

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

2. State and Federal tax identification numbers;

3. The location of the Project;

4. 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);

5. A construction schedule for the Project or each phase of the Project;

6. A detailed itemization of the estimated Project costs for the Project;

7. A detailed description of the financing for the Project including, among other things, all sources and amounts of funding, projected internal rate of return, net margin, return on investment and cash on cash yield;

8. A pro forma demonstrating that the Project is likely to be realized with the provision of Baseline Revenue requested but is not likely to be accomplished in the State by private enterprise without the Baseline Revenue;

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

10. A delineation of any other Federal, State or local incentives, grants, tax credits, charitable contributions, or other aid that will or may be received or requested by the Applicant in relation to the Project;

11. If applicable, demonstration that the Project will expand the Rhode Island full-time employee workforce of an existing business that would otherwise have been unable to achieve such expansion;

12. If applicable, demonstration that the business is at substantial risk of relocating to a viable location out-of-State;

13. Pursuant to R.I. Gen. Laws §§ 45-33.4-1(13)(i) and (ii), an attestation under oath from the Chief Executive Officer, or equivalent Officer of an Applicant other than the City or the Pawtucket Redevelopment Agency or, if there is no joint Applicant with the City or the Pawtucket Redevelopment Agency, the Chief Executive Officer, or equivalent Officer of an affected business acceptable to the Corporation:

a. With respect to any portion of the Project that is financing municipal or public facilities, that the Project is needed and that the financing of the project is in the public interest; or

b. With respect to any portion of the Project providing financing for industrial or commercial development purposes that unemployment or the threat of unemployment exists in the City of Pawtucket or that security against future unemployment is required, that the Project is needed, that it will provide employment or security against loss of employment, including the approximate number of new jobs that should be created or preserved, construction and non-construction, their approximate wage rates, what types of fringe benefits such as healthcare or retirement benefits there will be, and the projected increase in personal income taxes to the State, all having a reasonable relationship to the probable cost of acquiring, establishing, improving, or rehabilitating the facilities in which the employment is to be provided or maintained.

B. The Corporation may require supplemental information in addition to § 9.6(A) of this Part, above, in order to determine compliance with R.I. Gen. Laws § 45-33.4-1(13).

870 R.I. Code R. 870-RICR-30-00-9.6

Adopted effective 12/7/2020