Rhode Island Agreement For Historic Preservation Tax Credits - 2013 Page 4
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14HISTORIC PRESERVATION TAX CREDITS 2013
AGREEMENT
SECTION 7. Assignment of Agreement.
(a) Assignments Allowed and Consents Required. The Applicant’s right to assign this Agreement
is limited and shall be governed by RIGL §44-33.6-4(g) with that section allowing such assignment only
to:
(1) An Affiliate of the Applicant without the consent of the Tax Division, or
(2) A banking institution, as defined by RIGL §44-14-2(1), or a credit union, as defined
by RIGL §44-15-1.1(1), without the consent of the Tax Division, or
(3) A person, firm, partnership, trust, estate, limited liability company, corporation
(whether for profit or non-profit) or other business entity that incurs Qualified Rehabilitation
Expenditures for the Substantial Rehabilitation of Certified Historic Structures or some
identifiable portion thereof to be Placed in Service on or after July 3, 2013, with such assignment
to be approved by the Tax Division and which approval shall not be unreasonably withheld, or
(4) A person, firm, partnership, trust, estate, limited liability company, corporation
(whether for profit or non-profit) or other business entity that is approved by the Tax Division,
and such assignment shall require the consent Tax Division.
(b) Affiliate Defined. The term “Affiliate” is defined in RIGL §44-33.6-4(g) as any entity
controlling, controlled by or under common control with such person, firm, partnership, estate, trust,
limited liability company, corporation (whether for profit or non-profit) or other business entity.
(c) Notice of Assignments. Prior written notice of any assignments of the Agreement, including
those for which no consent is required, shall be given to the Tax Division pursuant to Section 13. Such
notice shall include the name, tax identification number, the address, phone number, and contact person
for both the assignor and the assignee and shall indicate the date of assignment.
SECTION 8. Timely Progress of Project Required.
(a) Project Schedule Must Have Been Filed. The Applicant covenants that it has submitted to the
Commission, along with its Part 2 Application, a reasonably detailed project timeline setting forth a
schedule whereby various identifiable aspects of the Project (e.g., rough plumbing & electrical, exterior
st
siding, interior finish work on 1
floor) will be completed and the estimated amount of Qualified
Rehabilitation Expenditures that will be expended on each such aspect of the Project (the “Project
Schedule”). In the event that the Project is to be completed in phases, the Project Schedule should also
reflect when it is anticipated that each phase will be completed and an estimate as to the amount of
Qualified Rehabilitation Expenditures that will be incurred in each phase.
(b) “Substantial Construction” Requirement. The Applicant acknowledges and agrees that
Substantial Construction on the Project must commence within twelve (12) months from the date on
which the Applicant’s Part 2 Application is approved by the Commission. Furthermore, upon
commencing Substantial Construction, the Applicant shall file an affidavit with the Commission
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