§ 45-37-5. Procedure before acquisition.
Notwithstanding any other provision of law, neither the state, nor any municipality,
have the power to acquire title to an industrial facility, pursuant to the provisions
of this chapter, by gift, unless prior to the issuance of obligations to finance the
acquisition and construction of an industrial facility by a nonbusiness corporation
formed under the provisions of chapter 6 of title 7, the governor, or the governor's designee, in respect of the state, or the governing
body in respect of a municipality, have found, after a hearing on the acquisition
and construction, that the acquisition and construction, proposed leasing, operation
and use of the industrial facility and its acquisition, by the state or municipality
so acquiring, serves a public use and provides a public benefit, and that the acquisition
is within the policy of, and the authority conferred, by this chapter. The determination
may be made by the governor, or the governor's designee, or appropriate governing
body if supported by documentation and information that the governor, or the governor's
designee, or appropriate governing body may request as a basis for the determination,
and if it is found that:
(1) The acquisition and construction of the industrial facility will eliminate or prevent
unemployment, either in whole or in part in the area in which the industrial facility
is located;
(2) The industrial facility will consist of a building or buildings which are suitable
for industrial, manufacturing, commercial, or warehousing purposes;
(3) The industrial facility will be leased to, or owned by, a financially responsible
person or corporation;
(4) Adequate provision has been, or will be made, for the payment of the cost of the acquisition
and construction of the industrial facility, and that under no circumstances will
the state or municipality be obligated, directly or indirectly, for the payment of
the principal of, or interest on, any obligations issued to finance the construction;
(5) Adequate provision has been, or will be made, in each lease relating to the industrial
facility for the payment of all costs of operation, maintenance, and upkeep of the
industrial facility by the lessee, sublessee, or occupant so that under no circumstances
will the state or municipality be obligated, directly or indirectly, for the payment
of those costs; and
(6) The acquisition and construction, proposed leasing, operation, and use of the industrial
facility will aid in the development, growth, and prosperity of the state or municipality
in which the industrial facility is located.