R.I. Gen. Laws § 42-64.21-3

Current through 2024 Public Law 457

Section 42-64.21-3 - Definitions

As used in this chapter:

(1) "Applicant" means a developer proposing to enter into a tax increment financing agreement under this chapter.

(2) "Commerce corporation" means the Rhode Island commerce corporation established pursuant to § 42-64-1 et seq.

(3) "Developer" means a person, firm, corporation, partnership, association, political subdivision, or other entity that proposes to divide, divides, or causes to be divided real property into a subdivision or proposes to build, or builds a building or buildings or otherwise improves land or existing structures, which division, building, or improvement qualifies for benefits under this chapter.

(4) "Hope Community" means a municipality for which the five-year (5) average percentage of families with income below the federal poverty level exceeds the state five-year (5) average percentage, both most recently reported by the U.S. Department of Commerce, Bureau of the Census.

(5) "Eligible revenue" means the incremental revenues set forth in § 42-64.21-5.

(6) "Incremental" means

(i) net new revenue to the State of Rhode Island as defined by the commerce corporation, in consultation with the department of revenue as established in chapter 142 of title 42, or

(ii) existing revenue at substantial risk of loss to the State of Rhode Island as defined by the commerce corporation in consultation with the department of revenue.

(7) "Project area" means land or lands under common ownership or control as certified by the commerce corporation.

(8) "Project financing gap" means:

(i) The part of the total project cost that remains to be financed after all other sources of capital have been accounted for, including, but not limited to, developer-contributed capital, which shall be defined through rules and regulations promulgated by the commerce corporation; or

(ii) The amount of funds that the state may invest in a project to gain a competitive advantage over a viable and comparable location in another state by means described in this chapter.

(9) "Qualified development project" means a specific construction project or improvement, including lands, buildings, improvements, real and personal property or any interest therein, including lands under water, riparian rights, space rights and air rights, acquired, owned, leased, developed or redeveloped, constructed, reconstructed, rehabilitated or improved, undertaken by a developer, owner or tenant, or both, within a specific geographic area, meeting the requirements of this chapter, as set forth in an application made to the commerce corporation.

(10) "Qualifying TIF area" shall mean an area containing a qualified development project identified by the commerce corporation as a priority because of its potential to generate, preserve or otherwise enhance jobs or its potential to produce, preserve or otherwise enhance housing units. The commerce corporation shall take into account the following factors in determining whether a qualified development project is a priority:

(i) Generation or preservation of manufacturing jobs;

(ii) Promotion of targeted industries;

(iii) Location in a port or airport district;

(iv) Location in an industrial or research park;

(v) Location in a transit oriented development area;

(vi) Location in a hope community;

(vii) Location in an area designated by a municipality as a redevelopment area under § 45-32-4; and

(viii) Location in an area located within land approved for closure under any federal commission on base realignment and closure action.

(11) "Revenue increment base" means the amounts of all eligible revenues from sources within the qualifying TIF area in the calendar year preceding the year in which the TIF agreement is executed, as certified by the division of taxation.

(12) "TIF agreement" means an agreement between the commerce corporation and a developer, under which, in exchange for the benefits of the funding derived from qualification under this chapter, the developer agrees to perform any work or undertaking necessary for a qualified development project, including the clearance, development or redevelopment, construction, or rehabilitation of any structure or improvement of commercial, industrial, or residential property; public infrastructure; preexisting municipally-owned stadium of 10,000 seats or greater; or utilities within a qualifying TIF area.

(13) "TIF payment" means reimbursement of all or a portion of the project financing gap of a qualified development project from the division of taxation as provided under this chapter.

(14) "Targeted industry" means any advanced, promising, or otherwise prioritized industry identified in the economic development vision and policy promulgated pursuant to § 42-64.17-1 or, until such time as any such economic development vision and policy is promulgated, as identified by the commerce corporation.

(15) "Transit oriented development area" means an area in proximity to transit infrastructure that will be further defined by regulation of the commerce corporation in consultation with the Rhode Island department of transportation.

R.I. Gen. Laws § 42-64.21-3

Added by 2015 Pub. Laws, ch. 141,§ 19-4, eff. 6/30/2015.