2023 Rhode Island General Laws › Title 45 - Towns and Cities › Chapter 45-33.2 - Municipal Tax Increment Financing Act › Section 45-33.2-5. - Authorization to undertake projects — Powers.

§ 45-33.2-5. Authorization to undertake projects — Powers.
Cities and towns are authorized to undertake projects pursuant to duly adopted project plans and tax increment district master plans, as defined in § 45-33.2-3.1(13). In addition to powers granted under this section or by any other law, for the purposes of carrying out a project as authorized by this chapter, a city or town has the following powers:
(1)
To incur indebtedness, and pledge tax increments, project revenues and other revenues for repayment of indebtedness;
(2)
To designate a board or officer of the city or town to be responsible for administering the project plan or tax increment district master plan;
(3)
To make and enter into all contracts and agreements necessary in order to carry out the project;
(4)
To receive from the federal government or the state, loans or grants for or in aid of a project, and to receive contributions from any other source to defray project costs;
(5)
To purchase or otherwise acquire property or interests in property therein within or without a project area or tax increment district as the city or town may deem necessary in order to carry out the project;
(6)
To make relocation payments to persons, businesses, or organizations that may be displaced as a result of carrying out the project;
(7)
To clear and improve property acquired by it pursuant to the project plan or tax increment district master plan, and construct public facilities on it, or contract for the construction, development, redevelopment, rehabilitation, remodeling, alteration, or repair of the property;
(8)
To cause parks, playgrounds, or schools or water, sewer, or drainage facilities, or any other public improvements which it otherwise is authorized to undertake, to be laid out, constructed, or furnished in connection with the project;
(9)
To lay out and construct, alter, relocate, change the grade of, make specific repairs upon or discontinue public ways, and construct sidewalks in or adjacent to the project area or tax increment district;
(10)
To cause private ways, sidewalks, ways for vehicular travel, playgrounds, or water, sewer, or drainage facilities and similar improvements to be constructed within the project area or tax increment district for the particular use of the project area or tax increment district of those dwelling or working in it;
(11)
To adopt ordinances, or repeal or modify ordinances, or establish exceptions to existing ordinances regulating the design, construction, and use of buildings;
(12)
To sell, mortgage, lease as lessor, transfer, or dispose of any property or interest in property acquired by it pursuant to the project plan or tax increment district master plan for development, redevelopment, or rehabilitation in accordance with the plan;
(13)
To grant or loan any project revenues or other revenues, including the proceeds of any issue of bonds or notes issued pursuant to this chapter to an individual or any private enterprise, nonprofit organization or governmental or quasi-governmental entity in order to finance the cost of any portion of a project authorized under this chapter, including, without limiting the generality of the preceding, the cost of acquiring land for, and constructing or rehabilitating and equipping industrial, commercial, residential, retail and mixed use, transit-oriented development, downtown development or any combination thereof, within the project area in accordance with the plan or within a tax increment district in accordance with a tax increment district master plan, or to loan bond or note proceeds in order to refinance any loans;
(14)
To invest project revenues or other revenues as provided in § 45-33.2-12; and
(15)
To do all things reasonably necessary or convenient to carry out the powers granted in this chapter.
History of Section.
P.L. 1984, ch. 78, § 1; P.L. 1992, ch. 424, § 1; P.L. 2018, ch. 156, § 3; P.L. 2018, ch. 292, § 3.