§ 42-64-11. Disposition of projects.
(a) Notwithstanding the provisions of any other law, the Rhode Island commerce corporation may sell or lease to any person, firm, partnership, or corporation, or to any local redevelopment agency, or to any state or federal agency or instrumentality, or to any municipality or political subdivision of the state empowered to enter into the sale or lease, any project without public bidding or public sale, for consideration and upon terms as may be agreed upon between the corporation and the purchaser or lessee; provided that in the case of a lease, the term shall not exceed ninety-nine (99) years. The sale or lease or agreement may be consummated as entered into prior to, at the date of, or subsequent to the acquisition of completion of the project. Where a contract of sale or lease is entered into prior to the completion of construction of the project to be conveyed or leased, the corporation may complete the project prior or subsequent to the consummation of the sale or lease.
(b) In connection with the corporation’s disposition by sale, lease, or otherwise of any of its projects, the corporation is authorized to require that the party acquiring the project, or any interest therein or any right to use or occupy the project, may not sell, assign, convey, lease, sublease, or otherwise dispose of, in whole or in part, its interest in the project or its right to use and occupy the project without the approval, in writing, of the corporation. The corporation may not unreasonably withhold that approval; and shall state the reason or reasons upon which that withholding of approval is based. In determining whether to grant or withhold that approval, the corporation shall consider whether the proposed disposition will further the purposes of this chapter and may consider any and all other relevant factors as well.
(c) The provisions of subsection (b) shall not be deemed to limit in any manner the corporation’s authority in connection with the disposition by sale, lease, or otherwise of any of its projects or to impose those terms and conditions permitted by law with respect to those dispositions as it shall determine to be desirable.
(d) The corporation shall dispose, by sale, lease, transfer or other agreement, of projects on or related to former Navy lands in the town of North Kingstown through the Quonset Development Corporation as provided for in chapter 64.10 of this title and may dispose, by sale, lease, transfer or other agreement, of other projects related to land and real estate development, regardless of location in Rhode Island, through the Quonset Development Corporation as may be mutually agreeable to the corporation and the Quonset Development Corporation.
History of Section.P.L. 1974, ch. 100, § 14; P.L. 2004, ch. 351, § 1; P.L. 2004, ch. 360, § 1; P.L. 2013, ch. 243, § 3; P.L. 2013, ch. 490, § 3.
Structure Rhode Island General Laws
Title 42 - State Affairs and Government
Chapter 42-64 - Rhode Island Commerce Corporation
Section 42-64-1. - Short title.
Section 42-64-1.1. - Change of name.
Section 42-64-2. - Legislative findings.
Section 42-64-3. - Definitions.
Section 42-64-6. - General powers.
Section 42-64-7. - Additional general powers.
Section 42-64-7.1. - Subsidiaries.
Section 42-64-7.2. - Amendment of the articles of incorporation of a subsidiary public corporation.
Section 42-64-7.3. - Voluntary dissolution of a subsidiary public corporation.
Section 42-64-7.4. - Water supply facilities.
Section 42-64-7.5. - Acceptance of federal grants.
Section 42-64-7.7. - Grant of powers to the corporation.
Section 42-64-7.9. - Orders as to pretreatment of sewage.
Section 42-64-7.11. - Venture capital forum program.
Section 42-64-7.12. - Transfer of functions to the Quonset Development Corporation.
Section 42-64-7.13. - National security infrastructure support fund.
Section 42-64-8. - Directors, officers, and employees.
Section 42-64-8.1. - Appropriation and expenses.
Section 42-64-8.2. - Role and responsibilities of board members.
Section 42-64-8.3. - Transparency requirements established.
Section 42-64-9. - Condemnation power.
Section 42-64-9.1. - Inspection powers.
Section 42-64-9.2. - Civil penalties.
Section 42-64-9.3. - Criminal penalties.
Section 42-64-9.4. - Procedures for enforcement.
Section 42-64-9.5. - Hearings.
Section 42-64-9.6. - Notice of decisions.
Section 42-64-9.7. - Notice of hearing on orders.
Section 42-64-9.8. - Procedure for hearings on orders.
Section 42-64-9.9. - Public access to information.
Section 42-64-9.10. - Rules and regulations — Notice of rule review.
Section 42-64-10. - Findings of the corporation.
Section 42-64-11. - Disposition of projects.
Section 42-64-12. - Community advisory committees.
Section 42-64-13. - Relations with municipalities.
Section 42-64-13.1. - Assistance to urban communities for economic revitalization.
Section 42-64-13.2. - Renewable energy investment coordination.
Section 42-64-14. - Relations with state agencies.
Section 42-64-15. - Bonds and notes of the corporation.
Section 42-64-16. - Short-term notes.
Section 42-64-17. - Security for bonds or notes.
Section 42-64-18. - Reserve funds and appropriations.
Section 42-64-19. - Trust funds.
Section 42-64-20. - Exemption from taxation.
Section 42-64-20.1. - Procedure.
Section 42-64-21. - Notes and bonds as legal investments.
Section 42-64-22. - Agreement of the state.
Section 42-64-23. - Credit of state.
Section 42-64-24. - State’s right to require redemption of bonds.
Section 42-64-25. - Remedies of bondholders and note-holders.
Section 42-64-26. - Authorization to accept appropriated moneys.
Section 42-64-27. - Assistance by state officers, departments, boards and commission.
Section 42-64-28. - Annual financial reports and performance report.
Section 42-64-29. - Inventory of development sites.
Section 42-64-30. - Inconsistent provisions.
Section 42-64-31. - Other statutes.
Section 42-64-31.1. - Rules and regulations.
Section 42-64-32. - Construction.
Section 42-64-33. - Severability.
Section 42-64-34. - Appointment of small business advocate.
Section 42-64-34.1. - Cooperation required.
Section 42-64-35. - Government contract procurement assistance.
Section 42-64-36. - Program accountability.
Section 42-64-37. - Loan and loan guarantee programs.
Section 42-64-38. - Audit of the corporation.
Section 42-64-39. - Business development center.
Section 42-64-40. - Court-approved settlements.
Section 42-64-41. - Report regarding small business lending.