§ 45-37-5 - Procedure before acquisition. - Rhode Island Statutes

SECTION 45-37-5

   § 45-37-5  Procedure before acquisition.– Notwithstanding any other provision of law, neither the state, nor anymunicipality, have the power to acquire title to an industrial facility,pursuant to the provisions of this chapter, by gift, unless prior to theissuance of obligations to finance the acquisition and construction of anindustrial facility by a nonbusiness corporation formed under the provisions ofchapter 6 of title 7, the governor, or the governor's designee, in respect ofthe state, or the governing body in respect of a municipality, have found,after a hearing on the acquisition and construction, that the acquisition andconstruction, proposed leasing, operation and use of the industrial facilityand its acquisition, by the state or municipality so acquiring, serves a publicuse and provides a public benefit, and that the acquisition is within thepolicy of, and the authority conferred, by this chapter. The determination maybe made by the governor, or the governor's designee, or appropriate governingbody if supported by documentation and information that the governor, or thegovernor's designee, or appropriate governing body may request as a basis forthe determination, and if it is found that:

   (1) The acquisition and construction of the industrialfacility will eliminate or prevent unemployment, either in whole or in part inthe area in which the industrial facility is located;

   (2) The industrial facility will consist of a building orbuildings which are suitable for industrial, manufacturing, commercial, orwarehousing purposes;

   (3) The industrial facility will be leased to, or owned by, afinancially responsible person or corporation;

   (4) Adequate provision has been, or will be made, for thepayment of the cost of the acquisition and construction of the industrialfacility, and that under no circumstances will the state or municipality beobligated, directly or indirectly, for the payment of the principal of, orinterest on, any obligations issued to finance the construction;

   (5) Adequate provision has been, or will be made, in eachlease relating to the industrial facility for the payment of all costs ofoperation, maintenance, and upkeep of the industrial facility by the lessee,sublessee, or occupant so that under no circumstances will the state ormunicipality be obligated, directly or indirectly, for the payment of thosecosts; and

   (6) The acquisition and construction, proposed leasing,operation, and use of the industrial facility will aid in the development,growth, and prosperity of the state or municipality in which the industrialfacility is located.