2005 Rhode Island Code - § 37-22-7 — Comprehensive agreement.

    (a) Prior to developing, improving, constructing, maintaining, and/or operating a qualifying project, the private entity shall enter into a comprehensive agreement with the board. The comprehensive agreement shall establish:

   (1) A specific narrative and description of the qualifying project, including consistency with the plan and identification of those components of the project which result in the direct improvement to public education, public services and infrastructure;

   (2) The terms of sale, lease, or public-private initiative. A public-private initiative shall establish user fees. User fees shall be set at a level that takes into account: (i) fair market rental value of the real property; (ii) the improvements of or the benefits directly resulting to public education, public services and infrastructure from the qualifying project; (iii) payments in lieu of taxes and/or payments under the host community agreement subject to approval by the Providence City Council; and (iv) the services to be provided by and through the board. All such revenues shall be deposited in the Intermodal Surface Transportation Fund, as defined in § 35-4-11, to be used for activities eligible for funding under title 23 (Highways) – United States Code;

   (3) The comprehensive agreement shall address payment in lieu of taxes, or a host community agreement subject to approval by the City Council of the City of Providence. All such revenues may be pledged by the City of Providence pursuant to § 45-33.2-1 et seq.;

   (4) Reimbursement to be paid to the board for expenses incurred and services provided by the board;

   (5) With regard to a public-private initiative, the comprehensive agreement shall also address:

   (i) The duties of the private entity under this chapter and may contain any other terms and conditions consistent with this chapter. Without limitation, the comprehensive agreement may contain provisions under which the board agrees to collateral assignment provisions, notice of default provisions, and cure rights for the benefit of the private entity and the persons specified therein as providing financing for the qualifying project;

   (ii) The schedule for completion of the qualifying project;

   (iii) Delivery of performance and payment bonds in connection with the construction of, or improvements to, the qualifying project, in the forms and amounts satisfactory to the board;

   (iv) The review of plans and specifications for the qualifying project;

   (v) The inspection of construction of, or improvements to, the qualifying project to ensure conformance with the approved engineering standards;

   (vi) The maintenance of a policy or policies of public liability insurance (copies of which shall be filed with the board accompanied by proofs of coverage), self-insurance, in form and amount satisfactory to the board and reasonably sufficient to insure coverage of tort liability to the public and to enable the continued operation of the qualifying project;

   (vii) Monitoring of the maintenance practices of the private entity by the board and the taking of any actions that the board finds appropriate to ensure that the qualifying project is properly maintained;

   (viii) Filing of appropriate financial statements on a periodic basis; and

   (ix) The date of termination of the private entity's authority and duties under this chapter and dedication to the appropriate public entity.

   (b) Any changes in the terms of the comprehensive agreement, as may be agreed upon by the parties from time to time, shall be added to the comprehensive agreement by written amendment.

   (c) Each comprehensive agreement may provide for state indemnification of the contracting party for design and construction liability where the state has approved relevant design and construction plans.