Section 42-64.24-1. – Short title.

§ 42-64.24-1. Short title. This chapter shall be known as the “I-195 Redevelopment Project Fund Act.” History of Section.P.L. 2015, ch. 141, art. 19, § 7.

Section 42-64.24-2. – Legislative findings.

§ 42-64.24-2. Legislative findings. The general assembly finds and declares: (a) That due to global economic trends, businesses in Rhode Island have found it difficult to invest in development projects and other significant capital investments in and surrounding the I-195 land within the city of Providence. Investment in such projects would stimulate economic activity, facilitate […]

Section 42-64.24-3. – Definitions.

§ 42-64.24-3. Definitions. As used in this act: (1) “Applicant” means a developer or occupant applying for a loan or conditional loan under this chapter. (2) “Business” means a corporation as defined in § 44-11-1(4), or is a partnership, an S corporation, a nonprofit corporation, sole proprietorship, or a limited liability corporation. (3) “Capital investment” […]

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

§ 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 […]

Section 42-64.24-5. – Assistance — Powers of commission — Reports.

§ 42-64.24-5. Assistance — Powers of commission — Reports. (a) An applicant seeking assistance under this chapter shall submit a request to the commission pursuant to an application procedure prescribed by the commission. (b) Any approval for funding under this chapter may only be granted by the commission and shall require the concurrence of the […]

Section 42-64.24-6. – Implementation guidelines, directives, criteria, rules, regulations.

§ 42-64.24-6. Implementation guidelines, directives, criteria, rules, regulations. The commission shall adopt implementation guidelines, directives, criteria, rules and regulations pursuant to § 42-35-3 of the general laws as are necessary for the implementation of the commission’s responsibilities under this chapter and impose such fees and charges as are necessary to pay for the administration and […]

Section 42-64.24-7. – Program integrity.

§ 42-64.24-7. Program integrity. Program integrity being of paramount importance, the commerce corporation shall establish procedures to ensure ongoing compliance with the terms and conditions of the program established herein, including procedures to safeguard the expenditure of public funds and to ensure that the funds further the objectives of the program. History of Section.P.L. 2015, […]

Section 42-64.24-8. – Sunset.

§ 42-64.24-8. Sunset. No funding, credits, or incentives shall be authorized or authorized to be reserved pursuant to this chapter after December 31, 2023. History of Section.P.L. 2015, ch. 141, art. 19, § 7; P.L. 2018, ch. 47, art. 12, § 6; P.L. 2019, ch. 88, art. 12, § 14; P.L. 2020, ch. 80, art. […]