Rhode Island Code of Regulations › Title 865 - I-195 Commission › Chapter 10 - Administrative › Subchapter 00 - N/A › Part 1 - Rules and Regulations for the I-195 Redevelopment Project Fund (865-RICR-10-00-1) › Section 865-RICR-10-00-1.5 - Definitions

Current through June 14, 2024
A. "Act" means R.I. Gen. Laws Chapter 42-64.24 known as the I-195 Redevelopment Project Fund Act.
B. "Affiliate" means an entity that directly or indirectly controls, is under common control with, or is controlled by an Applicant that is a Business. Control exists in all cases in which the entity is a member of a controlled group of corporations as defined pursuant to 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  26 U.S.C. §§
											414(b) or (c). A taxpayer may establish by clear and convincing evidence, as determined by the Commission, that control exists in situations involving lesser percentages of ownership than required by those statutes.
C. "Applicant" means a Developer or Occupant applying for I-195 Fund Financing under the Act and the Rules.
D. "Business" means a corporation as defined in R.I. Gen. Laws §§
										44-11-1(4)  or a partnership, an S corporation, a non-profit corporation, sole proprietorship or a limited liability company.
E. "Capital Investment" in a Project means costs or expenses by a Business or any Affiliate of the Business incurred after Application for: site preparation and construction, repair, renovation, improvement, equipping, or furnishing on real property or of a building, structure, facility, or improvement to real property; or 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.
F. "Commission" means the I-195 Redevelopment District Commission established pursuant to R.I. Gen. Laws Chapter 42-64.14.
G. "Developer" means a person, firm, corporation, partnership, limited liability company, 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 the Act and these Rules.
H. "Developer's Toolkit" means the Commission's published Developer's Toolkit, as amended from time-to-time. The Developer's Toolkit is available on the Commission's web site.
I. "I-195 Fund" means the fund established pursuant to R.I. Gen. Laws §
										42-64.24-4.
J. "I-195 Fund Financing" means financing of a Project from the I-195 Fund.
K. "I-195 Land" means the surplus land within the city of Providence owned by the I-195 Redevelopment District and any land within one-quarter mile of said surplus land.
L. "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 in a Project developed on such land.
M. "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 Project for any given phase of the 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.
N. "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, at least a portion of which is contained on I-195 Land.
O. "Project Cost" means the costs incurred in connection with a Project by an Applicant or an Affiliate of an Applicant until the issuance of a permanent certificate of occupancy (less adjustments for pre-completion revenue), including, but not limited to, costs incurred for lands, buildings, improvements, real and personal property or any interest therein, including the site, space or air rights, acquired, owned, developed or redeveloped, constructed, reconstructed, rehabilitated or improved, and any environmental remediation costs, plus reasonable soft costs as determined by the Commission, and, ancillary infrastructure projects and infrastructure improvements as permitted in the sole discretion of the Commission.
P. "Project Financing Gap" means:
1. the part of the 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), including, but not limited to, Applicant's equity in the Project, a reasonable assumption of debt on the Project, and any other capital source that is reasonably available given the nature of the Project; or
2. 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 the Act and these Rules.