Terms Used In Rhode Island General Laws > Chapter 42-64.21 - Rhode Island Tax Increment Financing

• Applicant: means a developer proposing to enter into a tax increment financing agreement under this chapter. See Rhode Island General Laws 42-64.21-3
• Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
• Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
• Commerce corporation: means the Rhode Island commerce corporation established pursuant to § 42-64-1 et seq. See Rhode Island General Laws 42-64.21-3
• Contract: A legal written agreement that becomes binding when signed.
• 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.
• 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 42-64.21-3
• Eligible revenue: means the incremental revenues set forth in Rhode Island General Laws 42-64.21-3
• 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.
• Hope Community: means a municipality for which the five-year (5) average percentage of families with income below the federal poverty level exceeds the state five-year (5) average percentage, both most recently reported by the U. See Rhode Island General Laws 42-64.21-3
• Incremental: means (i) net new revenue to the State of Rhode Island as defined by the commerce corporation, in consultation with the department of revenue as established in chapter 142 of Title 42, or (ii) existing revenue at substantial risk of loss to the State of Rhode Island as defined by the commerce corporation in consultation with the department of revenue. See Rhode Island General Laws 42-64.21-3
• Lien: A claim against real or personal property in satisfaction of a debt.
• 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.
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• person: may be construed to extend to and include co-partnerships and bodies corporate and politic. See Rhode Island General Laws 43-3-6
• Personal property: All property that is not real property.
• 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, including, but not 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 42-64.21-3

• Qualified development project: means a specific construction project or improvement, including lands, buildings, improvements, real and personal property or any interest therein, including lands under water, riparian rights, space rights and air rights, acquired, owned, leased, developed or redeveloped, constructed, reconstructed, rehabilitated or improved, undertaken by a developer, owner or tenant, or both, within a specific geographic area, meeting the requirements of this chapter, as set forth in an application made to the commerce corporation. See Rhode Island General Laws 42-64.21-3
• real estate: may be construed to include lands, tenements, and hereditaments and rights thereto and interests therein. See Rhode Island General Laws 43-3-10
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Revenue increment base: means the amounts of all eligible revenues from sources within the qualifying TIF area in the calendar year preceding the year in which the TIF agreement is executed, as certified by the division of taxation. See Rhode Island General Laws 42-64.21-3
• Statute: A law passed by a legislature.
• TIF agreement: means an agreement between the commerce corporation and a developer, under which, in exchange for the benefits of the funding derived from qualification under this chapter, the developer agrees to perform any work or undertaking necessary for a qualified development project, including the clearance, development or redevelopment, construction, or rehabilitation of any structure or improvement of commercial, industrial, or residential property; public infrastructure; preexisting municipally-owned stadium of 10,000 seats or greater; or utilities within a qualifying TIF area. See Rhode Island General Laws 42-64.21-3
• Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
• Transit oriented development area: means an area in proximity to transit infrastructure that will be further defined by regulation of the commerce corporation in consultation with the Rhode Island department of transportation. See Rhode Island General Laws 42-64.21-3
• Venue: The geographical location in which a case is tried.