§ 42-64.23-3. Definitions.
As used in this chapter:
(1) "Affiliate� means an entity that directly or indirectly controls, is under common
control with, or is controlled by the business. Control exists in all cases in which
the entity is a member of a controlled group of corporations as defined pursuant to
section 1563 of the Internal Revenue Code of 1986 (26 U.S.C. § 1563) or the entity is an organization in a group of organizations under common control
as defined pursuant to subsection (b) or (c) of section 414 of the Internal Revenue Code of 1986 (26 U.S.C. § 414). A taxpayer may establish by clear and convincing evidence, as determined by the
commerce corporation in its sole discretion, that control exists in situations involving
lesser percentages of ownership than required by those statutes. An affiliate of a
business may contribute to meeting full-time employee requirements of a business that
applies for benefits under this chapter.
(2) "Applicant� means a business applying for assistance under this chapter.
(3) "Businessâ€� means a corporation as defined in § 44-11-1, or is a partnership, an S corporation, a nonprofit corporation, a sole proprietorship,
or a limited liability company.
(4) "Investment� in a development project means expenses by a business or any affiliate
incurred after application including, but without limitation, for:
(i) Site preparation and construction, repair, renovation, improvement, equipping, or
furnishing on real property or of a building, structure, facility, or improvement
to real property; and/or
(ii) Obtaining and installing furnishings and machinery, apparatus, or equipment, including
but not limited to material goods for the operation of a business on real property
or in a building, structure, facility, or improvement to real property.
(5) "Commerce corporation� means the Rhode Island commerce corporation established by
§ 42-64-1 et seq.
(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
of land qualifies for benefits under this chapter.
(7) "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.
(8) "Development project� means a real estate based development or other investment.
(9) "Full-time employee� means a person who is employed by a business for consideration
for a minimum of at least thirty-five (35) hours per week, or who renders any other
standard of service generally accepted by custom or practice as full-time employment,
or who is employed by a professional employer organization pursuant to an employee
leasing agreement between the business and the professional employer organization
for a minimum of thirty-five (35) hours per week, or who renders any other standard
of service generally accepted by custom or practice as full-time employment, and whose
wages are subject to withholding.
(10) "Project cost� means the costs incurred in connection with a project by an applicant
until the issuance of a permanent certificate of occupancy, or until such other time
specified by the commerce corporation.
(11) "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.