§ 42-64.21-3. Definitions.
As used in this chapter:
(1) "Applicant� means a developer proposing to enter into a tax increment financing agreement
under this chapter.
(2) "Commerce corporation� means the Rhode Island commerce corporation established pursuant
to § 42-64-1 et seq.
(3) "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.
(4) "Eligible revenueâ€� means the incremental revenues set forth in § 42-64.21-5.
(5) "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.S. Department of Commerce,
Bureau of the Census.
(6) "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 this title, 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.
(7) "Project area� means land or lands under common ownership or control as certified
by the commerce corporation.
(8) "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.
(9) "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.
(10) "Qualifying TIF area� shall mean an area containing a qualified development project
identified by the commerce corporation as a priority because of its potential to generate,
preserve, or otherwise enhance jobs or its potential to produce, preserve, or otherwise
enhance housing units. The commerce corporation shall take into account the following
factors in determining whether a qualified development project is a priority:
(i) Generation or preservation of manufacturing jobs;
(ii) Promotion of targeted industries;
(iii) Location in a port or airport district;
(iv) Location in an industrial or research park;
(v) Location in a transit oriented development area;
(vi) Location in a hope community;
(vii) Location in an area designated by a municipality as a redevelopment area under § 45-32-4; and
(viii) Location in an area located within land approved for closure under any federal commission
on base realignment and closure action.
(11) "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.
(12) "Targeted industry� means any advanced, promising, or otherwise prioritized industry
identified in the economic development vision and policy promulgated pursuant to § 42-64.17-1 or, until such time as any such economic development vision and policy is promulgated,
as identified by the commerce corporation.
(13) "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.
(14) "TIF payment� means reimbursement of all or a portion of the project financing gap
of a qualified development project from the division of taxation as provided under
this chapter.
(15) "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.