Terms Used In Rhode Island General Laws > Chapter 42-64.22 - Tax Stabilization Incentive

• Adaptive reuse: means the conversion of an existing structure from the use for which it was constructed to a new use by maintaining elements of the structure and adapting such elements to a new use. See Rhode Island General Laws 42-64.22-2
• Affiliate: means an entity that directly or indirectly controls, is under common control with, or is controlled by the business. See Rhode Island General Laws 42-64.22-2
• Applicant: means a qualifying community or hope community applying for incentives under this chapter. See Rhode Island General Laws 42-64.22-2
• Business: means a corporation as defined in §?44-11-1(4), or a partnership, an S corporation, a nonprofit corporation, a sole proprietorship, or a limited liability corporation. See Rhode Island General Laws 42-64.22-2
• Certified historic structure: means a property which is located in the state of Rhode Island and is

  (i)  Listed individually on the national register of historic places; or

  (ii)  Listed individually in the state register of historic places; or

  (iii)  Located in a registered historic district and certified by either the commission or Secretary of the Interior as being of historic significance to the district. See Rhode Island General Laws 42-64.22-2

• Commerce corporation: means the Rhode Island commerce corporation established pursuant to §?42-64-1 et seq. See Rhode Island General Laws 42-64.22-2
• Commercial: means non-residential development. See Rhode Island General Laws 42-64.22-2
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• 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. See Rhode Island General Laws 42-64.22-2
• 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. See Rhode Island General Laws 42-64.22-2
• Eligibility period: means the period in which a qualified community and/or Hope Community may apply for reimbursement under this chapter. See Rhode Island General Laws 42-64.22-2
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• Forgone tax revenue: means the amount of revenue that a municipality would have received from a qualified development project had a tax stabilization agreement not been in place, less the amount of revenue the municipality would be expected to receive from that qualified development project with a tax stabilization agreement in place. See Rhode Island General Laws 42-64.22-2
• Hope community: means a municipality for which the five (5) year average percentage of families with income below the federal poverty level exceeds the state five (5) year average percentage, both as most recently reported by the U. See Rhode Island General Laws 42-64.22-2
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Mortgage loan: A loan made by a lender to a borrower for the financing of real property. ^{Source: OCC}
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• person: may be construed to extend to and include co-partnerships and bodies corporate and politic. See Rhode Island General Laws 43-3-6
• Personal property: All property that is not real property.
• Project: means qualified development project as defined under subsection (20). See Rhode Island General Laws 42-64.22-2
• Qualified development project: includes :

  (i)  Rehabilitation of an existing structure where the total cost of development budget exceeds fifty percent (50%) of adjusted basis in such a qualifying property as of the date that the parties applied for said qualifying tax stabilization agreement; or

  (ii)  Construction of a new building wherein:

  (A)  The subject community has issued a tax stabilization agreement, as set forth herein and pursuant to §?44-3-9 as well as other applicable rules, regulations and, procedures;

  (B)  Construction commences within twelve (12) months of the subject tax stabilization agreement being approved; and

  (C)  Completion of the proposed development project occurs within thirty six (36) months, subject to the approval of qualifying or hope communities. See Rhode Island General Laws 42-64.22-2

• Qualifying property: means any building or structure used or intended to be used essentially for offices or commercial enterprises or residential purposes. See Rhode Island General Laws 42-64.22-2
• real estate: may be construed to include lands, tenements, and hereditaments and rights thereto and interests therein. See Rhode Island General Laws 43-3-10
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Recognized historical structure: means a property which is located in the state of Rhode Island and is commonly considered to be of historic or cultural significance as determined by the commerce corporation in consultation with the state historic preservation officer. See Rhode Island General Laws 42-64.22-2
• United States: include the several states and the territories of the United States. See Rhode Island General Laws 43-3-8
• Workforce housing: means housing for sale or rent with combined rental costs or combined mortgage loan debt service, property taxes, and required insurance that do not exceed thirty percent (30%) of the gross annual income of a household earning between eighty percent (80%) and one hundred and forty percent (140%) of the Providence-Fall River, RI-MA metropolitan area median income, as defined annually by the United States Department of Housing and Urban Development. See Rhode Island General Laws 42-64.22-2