2023 Rhode Island General Laws › Title 42 - State Affairs and Government › Chapter 42-64.23 - First Wave Closing Fund › Section 42-64.23-3. - Definitions.

§ 42-64.23-3. Definitions.
As used in this chapter:
(1)
“Affiliate” means an entity that directly or indirectly controls, is under common control with, or is controlled by the business. Control exists in all cases in which the entity is a member of a controlled group of corporations as defined pursuant to § 1563 of the Internal Revenue Code of 1986 (26 U.S.C. § 1563) or the entity is an organization in a group of organizations under common control as defined pursuant to subsection (b) or (c) of § 414 of the Internal Revenue Code of 1986 (26 U.S.C. § 414). A taxpayer may establish by clear and convincing evidence, as determined by the commerce corporation in its sole discretion, that control exists in situations involving lesser percentages of ownership than required by those statutes. An affiliate of a business may contribute to meeting full-time employee requirements of a business that applies for benefits under this chapter.
(2)
“Applicant” means a business applying for assistance under this chapter.
(3)
“Business” means a corporation as defined in § 44-11-1(4), or is a partnership, an S corporation, a nonprofit corporation, a sole proprietorship or a limited liability company.
(4)
“Investment” in a development project means expenses by a business or any affiliate incurred after application including, but without limitation, 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; and/or
(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.
(5)
“Commerce corporation” means the Rhode Island commerce corporation established by § 42-64-1 et seq.
(6)
“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.
(7)
“Development” means the improvement of land through the carrying out of building, engineering, or other operations in, on, over, or under land, or the making of any material change in the use of any buildings or land for the purposes of accommodating land uses.
(8)
“Development project” means a real estate based development or other investment.
(9)
“Full-time employee” means a person who is employed by a business for consideration for a minimum of at least thirty-five (35) hours per week, or who renders any other standard of service generally accepted by custom or practice as full-time employment, or who is employed by a professional employer organization pursuant to an employee leasing agreement between the business and the professional employer organization for a minimum of thirty-five (35) hours per week, or who renders any other standard of service generally accepted by custom or practice as full-time employment, and whose wages are subject to withholding.
(10)
“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.
(11)
“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.
History of Section.
P.L. 2015, ch. 141, art. 19, § 6.