870 R.I. Code R. 870-RICR-30-00-9.8

Current through December 3, 2024

Section 870-RICR-30-00-9.8 - Review Process

A. Prior to consideration by the Board, each Application shall be reviewed to confirm compliance with the Corporation Act, the Act and these Rules, and the Corporation may reject any incomplete or deficient Application.

B. The Corporation may require the submission of additional information in connection with any incomplete or deficient Application or the revision of an Application and may permit the resubmission of an Application rejected as being incomplete or deficient.

C. Prior to recommending an Award to the Board for approval, the Corporation shall:

1. Review each Project to determine if it meets one (1) of the eligibility requirements set forth in R.I. Gen. Laws § 45-33.4-1(13). This review shall include testing the validity of Project related financial information and assumptions through the use of financial models and, to the extent necessary, seeking input from third (3^rd) party consultants; and

2. Notify the Division of any recommendation prior to making such recommendation to the Board of an Award for approval. The Division shall confirm that the recommended Award does not exceed the amount of available Baseline Revenue within five (5) business days from receipt of notice from the Corporation.

D. After submission of a complete Application and review by the Corporation in accordance with the requirements of the Corporation Act, the Act and these Rules, the Corporation will determine whether to recommend to the Board that it approve an Award for a Project. In developing a recommendation, the Corporation may take into account, as applicable and in consideration with other factors deemed relevant by the Corporation:

1. The evaluation of the Applicant's pro forma;

2. The Project's catalytic impact, impact on private investment, employment, and State and local revenues, provision of public improvements and overall impact on the State;

3. Whether the Project furthers State or municipal planning and development objectives, or both;

4. Whether the Project maximizes the value of vacant, dilapidated, outmoded, or underutilized property; and

5. Whether there exists an opportunity for the State or the Corporation to recoup or receive a return on all or a portion of the Award to be issued to the Applicant by virtue of a receipt of an equity stake or other interest in or return from the Project.

E. If the Corporation determines that it will not recommend an Application to the Board for approval of an Award, it shall notify the Applicant in writing of such decision.

870 R.I. Code R. 870-RICR-30-00-9.8

Adopted effective 12/7/2020