Rhode Island General Laws 42-64.22-6. Eligibility requirements for hope communities
In order for a hope community to be eligible to receive incentives under this chapter, in addition to the provisions set forth herein, the tax stabilization agreement must be for a qualified development project resulting in the creation of at least twenty-five (25) new full-time jobs, and the developer must commit a capital investment of not less than five million dollars ($5,000,000.00) towards the project cost.
History of Section.
P.L. 2015, ch. 141, art. 19, § 5.
Terms Used In Rhode Island General Laws 42-64.22-6
- Developer: means a person, firm, corporation, partnership, association, political subdivision, or other entity that proposes to divide, divides, or causes to be divided real property into a subdivision or proposes to build, or builds a building or buildings or otherwise improves land or existing structures, which division, building, or improvement qualifies for benefits under this chapter. See Rhode Island General Laws 42-64.22-2
- Development: means the improvement of land through the carrying out of building, engineering, or other operations in, on, over, or under land, or the making of any material change in the use of any buildings or land for the purposes of accommodating land uses. See Rhode Island General Laws 42-64.22-2
- Hope community: means a municipality for which the five (5) year average percentage of families with income below the federal poverty level exceeds the state five (5) year average percentage, both as most recently reported by the U. See Rhode Island General Laws 42-64.22-2
- Project: means qualified development project as defined under subsection (20). See Rhode Island General Laws 42-64.22-2
- Qualified development project: includes :
(i) Rehabilitation of an existing structure where the total cost of development budget exceeds fifty percent (50%) of adjusted basis in such a qualifying property as of the date that the parties applied for said qualifying tax stabilization agreement; or
(ii) Construction of a new building wherein:
(A) The subject community has issued a tax stabilization agreement, as set forth herein and pursuant to §?44-3-9 as well as other applicable rules, regulations and, procedures;
(B) Construction commences within twelve (12) months of the subject tax stabilization agreement being approved; and
(C) Completion of the proposed development project occurs within thirty six (36) months, subject to the approval of qualifying or hope communities. See Rhode Island General Laws 42-64.22-2