§ 45-38.1-27 - Development of Narragansett Brewery site.
SECTION 45-38.1-27
§ 45-38.1-27 Development of NarragansettBrewery site. – (a) Notwithstanding any provision of this chapter or any general law or speciallaw to the contrary, it is a corporate purpose of the corporation to financethe development of the site of the former Narragansett Brewery in the city ofCranston as a multi-purpose facility to be used as a center for economicdevelopment, biotechnology research, education, health care, governmental, andother similar uses. For purposes of this section the definition of the word"project" as provided in § 45-38.1-3(18) includes structures andfacilities suitable for use by institutions for higher education, health carefacilities, governmental entities, and private non-profit users, including, butnot limited to, uses as administration buildings, offices, libraries,laboratories, research facilities, classrooms, athletic facilities,maintenance, storage or utility facilities, and other structures or facilitiesrelated to the project or required or useful for the operation of the project,including parking and other facilities or structure essential or convenient forthe orderly operation of the project, and also includes equipment and machineryand other similar items necessary or convenient for the operation of theproject and the manner for which its use is intended.
(b) For purposes of this section and for purposes of thedevelopment of the project, wherever the terms "participating institution forhigher education", "participating hospital", or "participating health careprovider" appear in this chapter, those terms mean and include the board ofgovernors for higher education of the state or any one or more public bodies,natural persons, firms, associations, corporations and business trustsdesignated by the board of governors. Bonds issued for the project are notsubject to the requirements of § 45-38.1-20 and shall not exceedtwenty-five million dollars ($25,000,000). Repayment of the bonds is limited torevenue and income generated by the project.