Introduced By: Representatives Kilmartin, M. Anderson, Coderre, Vieira and Cicilline
Date Introduced : April 29, 1999
It is enacted by the General Assembly as follows:
SECTION 1. Chapter 44-5 of the General Laws entitled "Levy and Assessment of Local Taxes" is hereby amended by adding thereto the following section:
{ADD 44-5-61.2. Exemption or stabilizing of taxes on qualifying property located in the City of Pawtucket. -- ADD} {ADD Except as hereinafter provided, the City Council of the City of Pawtucket may vote to authorize for a period not exceeding ten (10) years, and subject to the conditions as hereinafter provided, to exempt from payment, in whole or in part, real and personal qualifying property, or to determine a stabilized amount, of taxes to be paid on account of the qualifying property located within the City of Pawtucket, notwithstanding the valuation of the property or the rate of tax; provided, however that after public hearing, at least (10) days' notice of which shall be given in a newspaper having a general circulation in the City, the City Council determines that granting of the exemption or stabilization for qualifying property will inure to the benefit of the City by reason of the willingness of the owners of qualifying property to replace, reconstruct, expand or remodel existing buildings, facilities, machinery, or equipment with modern buildings, facilities, fixtures, machinery, or equipment or to construct new buildings or facilities or acquire new machinery or equipment for use in such buildings or facilities or to reoccupy or reuse such buildings or facilities if they are vacant or abandoned for manufacturing/warehousing or research & development, resulting in an increase in investment by such owners in the City. For purposes of this section, "qualifying property" means any building or structures used or intended to be used essentially for offices, manufacturing, or commercial enterprises. Except as hereinafter provided, property, the payment of taxes on which has been so exempted or which is subject to the payment of a stabilized amount of taxes, shall not, during the period for which the exemption or stabilization of the amount of taxes is granted, be further liable to taxation by the city so long as that property complies with any stabilization agreement and is used or intended to be used for the manufacturing or commercial purposes for which the exemption or stabilized amount of taxes was made. ADD}
SECTION 2. This act shall take effect upon passage.
