§ 42-64.8-6 - Powers. - Rhode Island Statutes

SECTION 42-64.8-6

   § 42-64.8-6  Powers. – The urban infrastructure commission shall develop an action plan to create andfinance an urban renaissance fund. The plan shall include, but not be limitedto:

   (a) The financial and administrative mechanisms necessary tosupport and spur private-sector investments in urban communities, with publicfunds directly linked to private-sector economic development initiatives;

   (b) The methods available to use the urban renaissance fundto provide municipalities and redevelopment agencies access to seed capital toimprove urban infrastructure and leverage private investments, as well asassist communities in upgrading and reinvesting in existing urbaninfrastructure (e.g. utilities, roads, sidewalks, sewers), arresting blight anddecay, enhancing municipal tax bases, and positioning urban communities toattract and retain employers;

   (c) Eligibility requirements, standards, terms and conditionsnecessary for eligible cities and towns to receive financial assistance ineconomic development activities through the urban renaissance fund;

   (d) Rules and regulations to address state certifiedcomprehensive land use plans, capital development plans and operating funds formaintenance of the assets;

   (e) The criteria and process for selecting and approvingprojects;

   (f) A process to monitor and evaluate the state's investmentsthrough the urban renaissance fund; and

   (g) Alternative funding options to capitalize the fund forthese purposes.