§ 42-64.24-4 — § 42-64.24-4. Establishment of the fund — Uses — Composition.

Rhode Island § 42-64.24-4

• Jurisdiction: Rhode Island
• Title 42: State Affairs and Government
• Ch. 42-64.24: I-195 Redevelopment Project Fund

Text

§ 42-64.24-4. Establishment of the fund — Uses — Composition.

(a) The I-195 Redevelopment Project Fund (the "fund�) is hereby established under the jurisdiction of and shall be administered by the commission in order to further the goals set forth in chapter 64.14 of this title and to promote, among other purposes, the development and attraction of advanced industries and innovation on and near the I-195 land in order to enhance Rhode Island's economic vitality.

(b) The uses of the fund include but are not limited to:

(1) Contributing to capital investment requirements for anchor institutions or other catalytic project components chosen in accordance with a vision developed, by the commission for location on the I-195 land, adjacent and proximate parcels;

(2) Filling project financing gaps for real estate projects on the I-195 land, adjacent and proximate parcels;

(3) Financing land acquisition in areas adjacent to and proximate to the I-195 land including street rights of way and abandonment costs;

(4) Financing public infrastructure and public facilities to support or enhance development including, but not limited to, transportation, parks, greenways, performance venues, meeting facilities, community facilities, and public safety precincts.

(c) This statute shall not be construed as authorizing expenditure from this fund for the purpose of financing a stadium or other such facility built primarily for sporting activity.

(d) The fund shall consist of:

(1) Money appropriated in the state budget to the fund;

(2) Money made available to the fund through federal programs or private contributions;

(3) Repayments of principal and interest from loans made from the fund;

(4) Proceeds from the sale, disposition, lease, or rental of collateral related to financial assistance provided under this chapter;

(5) Application or other fees paid to the fund to process requests for financial assistance;

(6) Recovery made by the commission or on the sale of an appreciated asset in which the commission has acquired an interest under this chapter; and

(7) Any other money made available to the fund.

Legislative History

P.L. 2015, ch. 141, art. 19, § 7.