Rhode Island Code of Regulations › Title 870 - Rhode Island Commerce Corporation › Chapter 30 - Tax Credits and Exemptions › Subchapter 00 - N/A › Part 3 - Rules and Regulations for the Rebuild Rhode Island Tax Credit Program › Section 870-RICR-30-00-3.8 - Application

Current through June 14, 2024
A. Each Application made by an Applicant
							shall include the following information in an application format prescribed by
							the Corporation:
1. The name, address and
							principal contact for the Applicant;
2. State and Federal tax identification
							numbers;
3. The location of the
							Project;
4. A description of the
							experience developing and/or operating projects similar to the proposed Project
							of the Applicant and of the personnel primarily responsible for the
							Project;
5. A business plan and/or
							market study for the Project detailing major risks, business drivers and
							financial opportunity;
6. A
							description and assessment of the Project's catalytic impact;
7. For a Commercial or Mixed Use Project,
							identification of prospective businesses that will occupy the Project, type of
							businesses and principal products and services (if applicable or
							known);
8. For a Residential or
							Mixed Use Project, a description of unit sizes/layouts, projected sales/lease
							pricing and affordability mix;
9.
							The status of control of the entire Project Area shown for each block and lot
							as indicated on the municipal assessor's tax map(s);
10. A construction schedule for the Project
							or each phase of the Project;
11. A
							detailed itemization of the estimated Project Costs;
12. 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;
13. The total dollar amount
							of the Tax Credits requested, as well as a schedule of the allocation of that
							total over the five-year Eligibility Period.
14. A pro forma demonstrating that the
							Project is likely to be realized with the provision of the Tax Credits
							requested but is not likely to be accomplished in this State by private
							enterprise without the Tax Credits;
15. A list and status of all required
							Federal, State and/or municipal approvals and/or permits required for the
							Project;
16. 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 Applicant or an Affiliate of the
							Applicant in relation to the Project;
17. Whether the Applicant has obtained a tax
							stabilization agreement from the municipality in which the Project is located;
							or a description of the commercially reasonable efforts the Applicant has or
							will take to obtain such an agreement; or an explanation for why the Applicant
							is not seeking such an agreement;
18. If the Applicant seeks a Tax Credit in
							excess of 20% of the total Project Cost, documentation sufficient to
							demonstrate that the Project satisfies one or more of the criteria set forth in
							§
											3.7(B)     of
							this Part; and
19. Such other
							information as the Corporation deems appropriate or necessary in connection
							with a particular Project; and B. The Application shall also require a
							certification from the Applicant's chief executive officer or equivalent
							officer as to the following:
1. The Applicant
							has committed Equity in not less than twenty percent (20%) of the total Project
							Cost;
2. A Project Financing Gap
							exists on the Project; and
3. The
							Project meets the eligibility criteria set forth in §
												3.6     of this Part for approval
							by the Board as a Qualified Development Project.