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
Universal Citation: 870 RI Code of Rules 30 00 3.8
Current through March 20, 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.
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