Terms Used In Rhode Island General Laws > Chapter 42-64.1 - Economic Development Assistance

• 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.
• Economic development project: means a project undertaken by the economic development corporation for the acquisition, improvement and development of land and facilities thereon, for sale or lease to, and use by private industry and business (or for the discharge of indebtedness incurred by the port authority in connection with the foregoing activities) and shall include, without limiting the generality of the foregoing, the development of industrial parks, the acquisition of lands, buildings and other improvements, the installation, construction or reconstruction of site improvements, utilities, sewerage and water lines and systems, water towers, roads, rights-of-way, easements, engineering services, and other expenses related to the acquisition, improvement, and disposition of the project. See Rhode Island General Laws 42-64.1-3
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Project area: means the area within which the development project is located. See Rhode Island General Laws 42-64.1-3
• Rhode Island economic development corporation: means the public corporation and governmental agency and instrumentality of the state created pursuant to the Rhode Island Economic Development Corporation Act, or any subsidiary corporation approved by the general assembly. See Rhode Island General Laws 42-64.1-3
• Rhode Island Economic Development Corporation Act: means chapter 64 of this title, as amended or supplemented from time to time. See Rhode Island General Laws 42-64.1-3