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-30-00-6.11 - Review Process
Current through March 20, 2024
A. Each Application shall be reviewed to confirm compliance with the Act and these Rules, and the Corporation may reject any incomplete or deficient Application.
B. The Corporation may require the submission of additional information in connection with any Application, the revision of an Application, and may permit the resubmission of an Application rejected as being incomplete or deficient.
C. Prior to recommending a project to the Board for approval, the Corporation shall review each project to determine if a Project Financing Gap exists. This review shall include testing the validity of the Applicant's financial information and assumptions through the use of financial models and, to the extent necessary, seeking input from third-party consultants.
D. After submission of a complete Application and review by the Corporation in accordance with the requirements of the Act and these Rules, the Corporation will determine whether to recommend to the Board that it approve a TIF Incentive for the Applicant. In developing a recommendation, the Corporation may take into account, in consideration with other factors deemed relevant by the Corporation:
E. If the Corporation determines that it will not recommend a complete Application to the Board for approval of a TIF Incentive, it shall notify the Applicant in writing of such decision.
F. The Corporation may set periodic Application deadlines that will be published on the Corporation's website from time to time.