Rhode Island § 42-64-11 - Rhode Island Commerce Corporation

§ 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 or 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.