Rhode Island General Laws 42-64.23-5. Powers of commerce corporation
(a) The commerce corporation board shall promulgate regulations setting forth criteria for approving awards under the fund and such criteria shall ensure that awards from the fund are economically advantageous to the citizens of Rhode Island. To qualify for the benefits of this chapter, an applicant shall submit an application to the commerce corporation. Upon receipt of a proper application from an applicant, the commerce corporation board may approve a loan, a conditional grant or other investment. In making each award, the commerce corporation shall consider, among other factors, the:
(1) Economic impact of the project, including costs and benefits to the state;
(2) The amount of the project financing gap;
(3) Strategic importance of the project to the state, region, or locality;
(4) Quality and number of jobs produced;
(5) Quality of industry and project; and
(6) Competitive offers regarding the project from another state or country.
Terms Used In Rhode Island General Laws 42-64.23-5
- Applicant: means a business applying for assistance under this chapter. See Rhode Island General Laws 42-64.23-3
- Commerce corporation: means the Rhode Island commerce corporation established by § 42-64-1 et seq. See Rhode Island General Laws 42-64.23-3
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Project financing gap: means
(i) The part of the total project cost that remains to be financed after all other sources of capital have been accounted for (such sources will include, but not be limited to, developer-contributed capital), which shall be defined through rules and regulations promulgated by the commerce corporation, or
(ii) The amount of funds that the state may invest in a project to gain a competitive advantage over a viable and comparable location in another state by means described in this chapter. See Rhode Island General Laws 42-64.23-3
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
(b) The proceeds of the funding approved by the commerce corporation under this chapter may be used for (1) working capital, equipment, furnishings, and fixtures; (2) the construction, rehabilitation, and purchase of real property; (3) as permanent financing; or (4) such other purposes that the commerce corporation approves.
(c) The commerce corporation shall have no obligation to make any award or grant any benefits under this chapter.
(d) The commerce corporation shall publish a report on the fund at the end of each fiscal year. The report shall contain information on the commitment, disbursement, and use of funds allocated under the fund. The report shall also, to the extent practicable, track the economic impact of projects that have been completed using the fund. The report is due no later than sixty (60) days after the end of the fiscal year, and shall be provided to the speaker of the house of representatives and the president of the senate.
History of Section.
P.L. 2015, ch. 141, art. 19, § 6.