It is enacted by the General Assembly as follows:

SECTION 1. Burrillville Land Trust, a nonbusiness corporation created on March 30, 2000, shall be exempt from taxation on all property to which it has title, provided that the aggregate value of the exempt property shall not exceed five hundred thousand dollars ($500,000) and such property is not zoned for any type of commercial/industrial use.

SECTION 2. Said Burrillville Land Trust shall reimburse the town of Burrillville for all real estate taxes not paid due to its tax exempt status, retroactive to the date the real property was acquired by the Trust, should such property have ceased to be used as open space.

SECTION 3. Said Burrillville Land Trust shall grant, without compensation, to the town of Burrillville and other local quasi-governmental entities (e.g., sewer commissions and water authorities) the right to utilize real property owned by the Trust, subject to applicable laws, to create rights of ways for locating and constructing water, sewer and drainage projects. Said users of said property shall restore it, as nearly as possible, to its original condition.

SECTION 4. This act shall take effect on January 1, 2002.