Rules and Regulations for the I-195 Redevelopment Project Fund

Regulation Authority:

R.I.G.L. § 42-64.24

Purpose and Reason:

The Rules and Regulations for the I-195 Redevelopment Project Fund (the “Rules”) implement the newly-enacted I-195 Redevelopment Project Fund Act, R.I. Gen. Laws § 42-64.24-1 et seq., which established a fund (“the I-195 Fund”) for projects on the land under the Commission’s jurisdiction and land within a one-quarter mile thereof. Funds can be used for (1) contributing to capital investments for anchor institutions or other catalytic project components; (2) filling project financing gaps for other real estate projects; (3) land acquisition; and (4) public infrastructure or public facilities that enhance development in the district. The Commission administers the I-195 Fund. The Rules supplement the statute creating the fund by elaborating on eligibility criteria, defining application protocols, setting forth review criteria and procedures, and establishing requirements for the financing agreements with grantees. The text of Rule 5 has changed from the version published in the register to clarify the definitions of business, developer, and I-195 land. The text of Rule 8 has changed from the version published in the register to eliminate an inapplicable deadline.