R.I. Gen. Laws § 42-64.24-3

Current through 2024 Public Law 457

Section 42-64.24-3 - Definitions

As used in this act:

(1) "Applicant" means a developer or occupant applying for a loan or conditional loan under this chapter.

(2) "Business" means a corporation as defined in § 44-11-1(4), or is a partnership, an S corporation, a nonprofit corporation, sole proprietorship, or a limited liability corporation.

(3) "Capital investment" in a redevelopment project means costs or expenses by a business or any affiliate of the business incurred after application for:

(i) Site preparation and construction, repair, renovation, improvement, equipping, or furnishing on real property or of a building, structure, facility, or improvement to real property;

(ii) Obtaining and installing furnishings and machinery, apparatus, or equipment, including, but not limited to, material goods for the operation of a business on real property or in a building, structure, facility, or improvement to real property.

(4) "Commission" means the I-195 district commission.

(5) "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 of land qualifies for benefits under this chapter.

(6) "I-195 land" means the surplus land within the city of Providence owned by the I-195 district commission and any other property any portion of which abuts, is located across the street from, or is within five hundred feet (500') of said surplus land.

(7) "Occupant" means a business as a tenant, owner, or joint venture partner, occupying space pursuant to a lease or other occupancy agreement on the I-195 land or a project developed on such land.

(8) "Personal property" means furniture, fixtures, and equipment, except automobiles, trucks, or other motor vehicles, or materials that otherwise are depreciable and have a useful life of one year or more, that are utilized for the redevelopment project for any given phase of the redevelopment project inclusive of a period not to exceed six (6) months after receipt of a certificate of occupancy for the given phase of the development.

(9) "Project cost" means the costs incurred in connection with a project by an applicant until the issuance of a permanent certificate of occupancy, or until such other time specified by the commerce corporation.

(10) "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 (such sources will include, but not be 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.

R.I. Gen. Laws § 42-64.24-3

Amended by 2016 Pub. Laws, ch. 142,§ 17-4, eff. 6/24/2016.

Added by 2015 Pub. Laws, ch. 141,§ 19-7, eff. 6/30/2015.