Rhode Island Agreement For Historic Preservation Tax Credits - 2013 Page 5
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14HISTORIC PRESERVATION TAX CREDITS 2013
AGREEMENT
attesting to the commencement of Substantial Construction together with evidence that the requirements
of Substantial Construction have been satisfied.
(c) Substantial Construction Defined. The term “Substantial Construction” is defined to mean
that (i) the owner of a Certified Historic Structure has entered into a contract with the Tax Division and
paid the Processing Fee; (ii) the Commission has certified that the Certified Historic Structure’s
rehabilitation will be consistent with standards set forth in Chapter 33.6 of Title 44; and (iii) the owner
has, within five (5) years from the date this Agreement is executed, expended ten percent (10%) of the
Qualified Rehabilitation Expenditures estimated in the contract entered into with the Tax Division for
the Project or, if a phased project, for the first phase the Project. Substantial Construction does not occur
until all three of the above requirements are fulfilled.
(d) Project Shall Not “Remain Idle”. The Applicant further covenants that within twelve (12)
months from the date of Part 2 Certification, construction will commence and the Project shall not
Remain Idle for any period of time exceeding six (6) months prior to the completion of the Project.
(e) Remain Idle Defined. The term “Remain Idle” is defined to mean that:
(1) Substantial work has ceased at the Project; or
(2) Work crews have been reduced by more than twenty-five percent (25%) for reasons
unrelated to (i) scheduled completion of work in accordance with the Project’s schedule, (ii)
reasonably unanticipated physical conditions, or (iii) an event of force majeure; or
(3) The Project Schedule that was originally submitted to the Applicant to the
Commission has been extended for more than twelve (12) months for reasons unrelated to (i)
reasonably unanticipated physical conditions or (ii) an event of force majeure.
The Project is deemed to Remain Idle if any one of the above three criteria are met.
(f) Force Majeure Defined. To be deemed an event of force majeure, the cause of the event must
be (i) reasonably unforeseen, (ii) outside the control of the Applicant and (iii) could not be avoided by
the Applicant’s exercise of due care. By way of example, and not in limitation, any delays, work
stoppages, or work force reductions caused by financial difficulties, labor disputes or violation of the
law shall be deemed to cause the Project to Remain Idle.
(g) Penalties for Non-Compliance. In the event that Substantial Construction is not commenced
within twelve (12) months from the date on which the Applicant’s Part 2 Application is approved by the
Commission or if the Project Remains Idle for a period of time exceeding six (6) months, the Applicant
shall forfeit all Processing Fees paid prior to that date and this Agreement for Tax Credits shall be
terminated and deemed null and void without further action or documentation.
(h) Periodic Reports Required. In order to demonstrate that the Project does not Remain Idle, the
Applicant, or its successor in interest, is to submit quarterly reports, with supporting documentation, to
the Tax Division on or before the fifth day of April, the fifth day of July, the fifth day of October and the
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