2023 Rhode Island General Laws › Title 42 - State Affairs and Government › Chapter 42-63.5 - Providence Place Project › Section 42-63.5-4. - Additional provisions of Public Investment and HOV Agreement and Ground Lease.

§ 42-63.5-4. Additional provisions of Public Investment and HOV Agreement and Ground Lease.
(a)(1)
Notwithstanding the provisions of any other general or special law, and subject to the approval of and upon terms acceptable to the EDC, the Public Investment and HOV Agreement and the Ground Lease shall provide for, among other things: (i) payment to the developer of an annual sum payable in monthly installments, for a period of twenty (20) years, the sum to be calculated in accordance with the following subdivisions and evidenced by an economic development note of the EDC having a term not exceeding twenty (20) years to be secured by a capital reserve fund under § 42-64-18(4), and (ii) an option for the State to acquire a one-half (½) interest in the garage for nominal consideration to be exercised at any time during the last year of the initial ninety-nine (99) year term of the Ground Lease.
(2)
The annual payment due under the Public Investment and HOV Agreement and the economic development note executed in connection with that agreement, in addition to parking revenue from the HOV spaces in the garage, during the initial five (5) year period shall be equal to the lesser of: (i) three million six hundred eighty thousand dollars ($3,680,000), or (ii) two-thirds (⅔) of the actual amount of sales tax generated from retail sales transactions occurring at or within the Mall during the year reduced by any payments required to be made to the Rhode Island Depositors Economic Protection Corporation Special Revenue Fund (“DEPCO”) pursuant to § 44-19-40.
(3)
The annual payment due during the second fifteen (15) year period shall be equal to the lesser of: (i) three million five hundred sixty thousand dollars ($3,560,000), or (ii) two-thirds (⅔) of the actual amount of sales tax generated from retail sales transactions occurring at or within the Mall during the year reduced by payments required to be made to DEPCO.
(4)
In the event the annual payment due in one or more years is less than the maximum applicable amount set forth above, and if the actual sales tax revenues derived from the Mall in any subsequent year as adjusted for the required DEPCO payments referred to above exceeds the maximum payment amount specified for the applicable years set forth above, then the annual payment due for each subsequent year during the initial twenty (20) year period shall be equal to the maximum amount applicable for the year plus one-half (½) of the amount by which sales tax revenues derived from the Mall in each subsequent year during the initial twenty (20) year period as adjusted for the required DEPCO payments referred to above exceed the maximum amounts until the aggregate amount of all underpayments below such maximum amounts for all preceding years has been paid to the developer.
(5)
No payment under either the Public Investment and HOV Agreement or the economic development note, shall be due after the expiration of the initial twenty (20) year period.
(6)
Notwithstanding the provision of any other general or special law, including, without limitation, § 42-64-11, the Ground Lease shall be for an initial term of ninety-nine (99) years, with four (4) successive options to extend for additional terms of ninety-nine (99) years each, subject to the conditions set forth in the Ground Lease.
(7)
Subject to annual appropriation by the general assembly, the State shall pay to the EDC an amount equal to the annual payment, which the EDC is required to make to the developer pursuant to the Public Investment and HOV Agreement or economic development note described herein.
(b)
Notwithstanding the provisions of any other general or special law to the contrary, including without limitation the provisions of § 42-64-18(5), the EDC shall have no obligation to repay to the State any amounts paid to the developer under the Public Investment and HOV Agreement or the economic development note.
History of Section.
P.L. 1995, ch. 400, § 2.