For purposes of this chapter, the following terms shall have the meanings ascribed to them herein:
(1) "Agency" means the Pawtucket redevelopment agency, established in accordance with chapter 31 of this title.
(2) "Arts district" means the economic development zone designated as the arts and entertainment district in the downtown area of the city described in § 44-30-1.1.
(3) "Ballpark district" means the ballpark district of the downtown Pawtucket redevelopment project area or tax increment master plan, including the ballpark known as McCoy Stadium, and related facilities and its immediately adjacent parcels within the redevelopment area approved by the agency in accordance with the procedures set forth in chapters 31, 32, 33, and 33.2 of this title.
(4) "Bonds" means revenue bonds issued by the Pawtucket redevelopment agency or the city in accordance with the provisions of chapters 31, 32, 33, and 33.2 of this title in order to finance a project, which bonds may be issued on a tax-exempt or taxable basis, on a fixed-rate basis or variable-rate basis, or any combination thereof, and may be issued in one or more sub-series and supported with letters or lines of credit, liquidity facilities, insurance or other support arrangements including, but not limited to, interest rate "caps," "floors," "collars," that the agency or city, as issuer, determines to be necessary or desirable for the purpose of generating savings or managing interest rates in connection with, or subsequent to, or incidental to the issuance, carrying, or securing of the bonds.
(5) "City" means the city of Pawtucket, Rhode Island.
(6) "City economic activity taxes" means city incremental tangible asset taxes, hotel taxes, food and beverage tax revenues, and non-real property assessments from activities in the arts district, the growth center district, and the ballpark district, as set forth in the economic activity taxes agreement negotiated by the governor and the state director of the department of revenue, as described in § 45-33.4-4.
(7) "City tax increment revenues" means revenues generated under chapter 33.2 of this title that are expected to include incremental real estate property taxes, personal property taxes, special assessments on real property, and betterment fees generated in the arts district, the growth center district, and the ballpark district.
(8) "Economic activity taxes agreement" means the agreement by and among the agency, the city, and the state described in § 45-33.4-4.
(9) "Growth center district" means the growth center district described in a redevelopment plan or in a tax increment district master plan approved by the agency in accordance with the procedures set forth in chapters 31, 32, 33, and 33.2 of title 45, which shall have boundaries as follows: The area beginning at the point of intersection of Lonsdale Avenue and the Central Falls/Pawtucket line, continuing south on Lonsdale Avenue until Beecher Street, then heading east, then south, then east on Beecher Street to Coleman Street, then turning south onto Coleman Street to Carpenter Street, then heading east onto Carpenter Street to Conant Street, then turning south onto Conant Street, continuing to Main Street, then turning northeast onto Main Street to Church Street, then turning east onto Church Street to Pine Street, then turning south onto Pine Street to South Union Street, then turning east onto South Union Street to Park Place West, then turning south onto Park Place West to George St, continuing south onto George Street to Division Street, then turning east onto Division Street to Taft Street, then turning south onto Taft Street to Max Read Field, turning east at Max Read Field and crossing the Seekonk River, then turning south along Seekonk River boundary to the intersection of Berry Spring Street and School Street, continuing northerly onto School Street to Bowers Street, turning east onto Bowers Street to Prospect Street, then turning north onto Prospect Street to Interstate 95, turning northeast onto Interstate 95 to Walcott Street, turning west onto Walcott Street to Broadway, turning northerly onto Broadway to edge of Interstate 95, continuing north along the western edge of Interstate 95 to Pawtucket/Attleboro city line, then turning west at the city line to the Blackstone River, then south along the city boundary on the Blackstone River, continuing westerly along the city line to the point where the city line intersects with Lonsdale Avenue.
(10) "Project" means any project as defined in § 45-33.2-3 or any capital project as defined in § 45-33.2-3.1 within the ballpark district, arts district, or growth center district and shall include "project costs" as described in § 45-33.2-28, which definition shall apply irrespective of whether the project is described in a redevelopment plan or in a tax increment district master plan.
(11) "Redevelopment plan" means a redevelopment plan as defined in § 45-31-8.
(12) "State" means the state of Rhode Island.
(13) "State economic activity taxes" means incremental tax revenues realized in the arts district, the growth center district, and the ballpark district assessed and collected under chapters 11, 18, 19, and 30 of title 44 as set forth in the economic activity taxes agreement negotiated by the governor and the state director of the department of revenue; provided, however, that state economic activity taxes shall not include existing tax revenues unless: 1) The project is to facilitate an expansion of an existing business that will otherwise be unable to increase the number of full-time employees in the state; or 2) The commerce corporation certifies in writing that a defined amount of revenues from the districts collected and assessed under chapters 18, 19, and 30 of title 44 are necessary to finance or complete a given project; 3) The public investments made under this chapter for a project can be demonstrated to have a likely appreciable positive impact on the revenues of an existing business within the district; or 4) The project is necessary to retain a businesses that is at substantial risk of relocating to a viable location out-of-state as verified by the Rhode Island commerce corporation. The commerce corporation shall establish, by regulation, the documentation that shall be required to verify compliance under this subsection. In order to assist the commerce corporation in verifying compliance, the affected business's chief executive officer, or equivalent officer, shall attest under oath:
(i) With respect to any portion of a project that is financing municipal or public facilities, that the project is needed and that the financing of the project is in the public interest; or
(ii) With respect to any portion of the project providing financing for industrial or commercial development purposes, that unemployment or the threat of unemployment exists in the city or that security against future unemployment is required; that the project is needed; that it will provide employment or security against loss of employment, including the approximate number of new jobs that should be created or preserved, construction and nonconstruction, their approximate wage rates, what types of fringe benefits such as healthcare or retirement benefits there will be; and the projected increase in personal income taxes to the state of Rhode Island, all having a reasonable relationship to the probable cost of acquiring, establishing, improving, or rehabilitating the facilities in which the employment is to be provided or maintained.
(14) "Tax increment district master plan" means a tax increment district master plan as defined in § 45-33.2-3.1.
History of Section.
P.L. 2018, ch. 103, § 1; P.L. 2019, ch. 118, § 2; P.L. 2019, ch. 143, § 2.