It is enacted by the General Assembly as follows
SECTION 1. Notwithstanding any other provisions of the general laws to the contrary, the town council of the town of South Kingstown is hereby authorized to negotiate and enact by ordinance or resolution, an agreement between the town and any hospital located within the town specifying an amount to be paid by the hospital in lieu of taxes each year on account of real property used in connection with any hospital building facility used, constructed or renovated for commercial rental purposes located in the town, notwithstanding the valuation of such property or the rate of tax. Such agreement shall be for a period not to exceed thirty (30) years. Provided, however, that any hospital building facility used, constructed or renovated for commercial rental purposes as outlined above, shall not be eligible for general assembly appropriations in lieu of property tax pursuant to section 45-13-5.1.
SECTION 2. This act shall take effect upon passage.