Rhode Island Code of Regulations › Title 870 - Rhode Island Commerce Corporation › Chapter 30 - Tax Credits and Exemptions › Subchapter 00 - N/A › Part 6 - Rules and Regulations for the Rhode Island Tax Increment Financing Act › Section 870-RICR-30-00-6.9 - Application

Current through June 14, 2024
A. The Application promulgated by the
							Corporation shall require submission of the following information from each
							Applicant:
1. The name, address and principal
							contact for the Applicant;
2. State
							and Federal tax identification numbers;
3. The location of the project;
4. For a commercial project or a mixed use
							project, identification of prospective businesses that will occupy the project,
							type of businesses and principal products and services (if applicable or
							known);
5. For a residential
							project or a mixed use project, a complete description of unit sizes/layouts,
							projected sales/lease pricing and affordability mix;
6. The status of control of the entire
							Project Area shown for each plat and lot as indicated on the municipal
							assessor's tax map(s);
7. A
							construction schedule for the project or each phase of the project;
8. A detailed itemization of the estimated
							Project Cost;
9. A detailed
							description of the financing for the project including all sources and amounts
							of funding, projected internal rate of return, net margin, return on investment
							and cash on cash yield;
10. A pro
							forma demonstrating that the project is likely to be realized with the
							provision of the TIF Incentive requested but is not likely to be accomplished
							in this State by private enterprise without the TIF Incentive;
11. A list and status of all required
							Federal, State and/or municipal approvals and/or permits required for the
							project;
12. A delineation of any
							other federal, State or local incentives, grants, tax credits or other aid that
							will or may be received or requested by the Developer in relation to the
							project;
13. Whether the Applicant
							has obtained a tax stabilization agreement from the municipality in which the
							project is located or, if applicable, the unavailability of a tax stabilization
							agreement despite commercially reasonable efforts by the Applicant to obtain
							such an agreement and a description of such efforts;
14. A detailed description of the proposed
							Qualifying TIF Area, which shall include a description of the boundaries of the
							proposed Qualifying TIF Area; a description of the existing uses and permitted
							uses of the land located in the Qualifying TIF Area; a description of the
							existing commercial activity and specific businesses in the Qualifying TIF
							Area; a delineation of the taxes to be included in the Eligible Revenue; and
							the percentage of Incremental Revenue proposed to be eligible for a TIF
							Incentive;
15. If the Qualifying
							TIF Area is greater than the boundaries of the Project Area, the Application
							shall also include the following additional items with respect to the portion
							of the proposed Qualifying TIF Area located outside of the Project Area (the
							"benefitted properties"):
a. A listing of each
							parcel by lot and block number, including for each parcel the name of the title
							owner, the assessed value, the local zoning designation, and whether the parcel
							is improved or unimproved, and a copy of any field or proposed development plan
							relating to such parcel;
b. For
							each parcel, a certification by the Applicant that it has mailed a copy of a
							notice of the Application, in a form to be prescribed by the Corporation, to
							such title owner, by certified mail to the address of the title owner on file
							with the local tax assessor, which notice shall advise the title owner that it
							may provide written comment to the Corporation within thirty (30) days
							following the date of mailing of the notice;
c. A description of the development expected
							or planned on the benefitted properties, including the identification of the
							developers, if any, and their contractual relationship, if any, with the
							Applicant;
d. If the project
							involves the development of infrastructure or utilities or serve areas beyond
							the boundaries of the Project Area, a description of the proposed
							infrastructure or utilities to be developed by the Applicant that will directly
							or indirectly benefit the benefitted properties, including the cost thereof and
							any proposed contributions or reimbursements expected to be made by the
							benefitted properties, together with an assessment of whether any additional
							infrastructure or utilities beyond those to be provided by the Applicant (e.g.,
							house connections and/or connection main to link to a water or sewer project to
							be constructed by the Applicant) would need to be provided in order for such
							benefitted properties to be developed in the manner contemplated by the
							Application, and a description of any other known development constraints;
							and
e. If the project does not
							involve the development of infrastructure or utilities: for each tax the
							Applicant proposes to include in Eligible Revenue, a description, supported by
							data, of how the Qualified Developed Project will directly result in an
							increase of revenue generated from that tax on the benefitted properties; and
							delineation of the method by which Incremental Revenues on the benefitted
							properties will be calculated and by which an identified portion or percentage
							of thereof shall be eligible for any TIF Incentive;
16. any other necessary and relevant
							information as determined by the Corporation; and
17. A certification from the Applicant as to
							the following:
a. A Project Financing Gap
							exists on the project; and
b. The
							project meets the statutory criteria for approval by the Board as a Qualified
							Development Project.