I-195 commission approves development fund rules

PROVIDENCE – The I-195 Redevelopment District Commission has adopted a set of rules that will guide how it evaluates applications for up to $25 million in state funds available for development in the area.
The area that could qualify for disbursements from the I-195 Fund includes not only the I-195 land, but also any land within a quarter-mile of its boundaries in Providence. And projects that qualify for the funds also could seek other incentives available at the state or federal level.
Capital project costs that could qualify include personal property such as furniture or equipment (excluding vehicles), and project costs could include the acquisition of land, construction of buildings, environmental remediation, as well as other expenses associated with the project.
Under the funding guidelines, the commission will consider projects with financing gaps, but which must demonstrate that the financing will be used in the district for capital investment or project costs, and at the discretion of the commission, the applicant must also apply for tax incentives available through the city of Providence.
“I-195 Fund Financing is available in the form of debt financing, equity financing or grants,” the rules state. “The Commission prefers that a project not receive a lump sum distribution of the full amount of I-195 Fund Financing until the applicant’s equity has been fully applied to the project. The disbursement of funds will be pursuant to an agreed-upon schedule of deliverables and contingent upon achievement of project milestones.”

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