Industrial Facilities Corporation
The Rhode Island Industrial Facilities Corporation (RIIFC) was created by the Rhode Island General Assembly in 1967. The Corporation constitutes a body corporate and politic and a public instrumentality of the State having a distinct legal existence from the State. The Corporation is empowered to issue bonds for private sector entities to expand their facilities. RIIFC issues tax-exempt revenue bonds for companies exploring various manufacturing projects with a $20,000,000 maximum limit per project. The bond can cover up to 100% of the cost for a manufacturing project including land, new machinery and equipment, building costs and certain eligible "soft" costs. Interest rates are tax exempt and are determined by the market. RIIFC also offers taxable bonds for businesses that want to branch out into a commercial enterprise, including building tourist-travel facilities. These bonds are almost identical to the tax-exempt bonds, but they are taxable for financing fixed commercial assets such as land, building, machinery and equipment, and related "soft" costs. The limit per project is usually established by the bond purchaser or credit enhancer. RIIFC can also act as a local development corporation.
Providence, RI 02908