Rhode Island Code of Regulations › Title 870 - Rhode Island Commerce Corporation › Chapter 20 - Loans and Grants › Subchapter 00 - N/A › Part 6 - The Main Street Rhode Island Streetscape Improvement Fund › Section 870-RICR-20-00-6.5 - Definitions

Current through June 14, 2024
A. The following words and terms, when used
				  in these Rules, shall have the following meanings, unless the context clearly
				  indicates otherwise.
1. "Act" means R.I. Gen.
				  Laws Chapter 42-64.27 known as the Main Street Rhode Island Streetscape
				  Improvement Fund.
2. "Agreement"
				  means the contract between the Applicant and the Corporation, which sets forth
				  the terms and conditions under which the Applicant shall be eligible to receive
				  funding under the Act.
3.
				  "Applicant" means a municipality, a political subdivision of a municipality, or
				  an Economic Development Organization that applies for funding under the Act and
				  these Rules.
4. "Application" means
				  the application, promulgated by the Corporation, which must be completed and
				  submitted by an Applicant pursuant to the requirements of the Act and these
				  Rules.
5. "Award" means the
				  approval of an Application for funding under the Act by the Board.
6. "Board" means the board of directors of
				  the Corporation.
7. "Committed
				  match" means a match for a Streetscape Improvement Project that is committed
				  prior to the receipt of funds pursuant to the Act. The match shall be in the
				  form of cash or the appraised value of any real estate necessary for the
				  project that is contributed in order to construct the project; provided that a
				  match comprised of real estate shall require the submission of an appraisal not
				  older than one (1) year from the date of Application. A Committed Match may
				  include funds expended within six (6) months prior to the date of the
				  Application for engineering, design, investigations, environmental assessment
				  or studies, legal fees, or costs incurred in obtaining necessary municipal
				  approvals; provided that no funds expended or obligated to be paid prior to
				  July 1, 2015 shall qualify as part of the Committed Match. A Committed Match
				  shall not include funds expended on general overhead, salary, or other such
				  expenses that are not incurred directly and exclusively for the Streetscape
				  Improvement Project.
8.
				  "Corporation" means the Rhode Island Commerce Corporation established pursuant
				  to R.I. Gen. Laws Chapter 42-64.
9.
				  "Economic development organization" means a nonprofit corporation, quasi-public
				  corporation, association of businesses, or other entity whose purpose includes
				  the enhancement of economic conditions or quality of life within its community
				  or the State.
10. "Political
				  subdivision" means a separate agency or unit of local government created or
				  established by law.
11.
				  "Streetscape improvement project" means a technical assistance project that
				  supports future physical improvements to a streetscape or a project that
				  creates a physical improvement to a streetscape, such as, but not limited to,
				  enhanced sidewalks and sidewalk amenities, new street furniture, new wayfinding
				  signage, upgraded building facades, or improved street and public space
				  lighting.
12. "State" means the
				  State of Rhode Island.