§ 44-5-2.2 - West Warwick – Maximum levy.
SECTION 44-5-2.2
§ 44-5-2.2 West Warwick – Maximumlevy. – (a) Findings. The general assembly makes the following findings of fact:
(1) Various sections of several towns in the state,including, but not limited to, the town of West Warwick, are deteriorated,blighted areas which have created very difficult challenges to economicdevelopment;
(2) Several areas of the state are in a distressed financialcondition as defined by Rhode Island general laws subdivisions 45-13-13(b)(1)– (4) and cannot finance economic development projects on its own withoutthe participation of private enterprise;
(3) The general assembly has found that it is nearlyimpossible for private enterprise alone to meet such challenges;
(4) In certain sections of financially distressedcommunities, the serious challenges of economic development and/orredevelopment have not been met by private enterprise alone and the impact isbeing felt throughout the community;
(5) Legislation enacted to encourage redevelopment of suchdeteriorated, blighted areas of success in generating economic developmentthrough the formation of local redevelopment agencies has had very limitedsuccess;
(6) A great deal of success in generating economicdevelopment has been realized by exercising the authority to use taxincremental financing;
(7) Most recently, municipalities in our state have had greatsuccess in attracting large commercial development, including financialservices, manufacturing, and major energy facilities, due in large part to theauthority to exempt and/or stabilize property, tangible and/or inventory taxes;
(8) Attracting large non-residential developments orencouraging expansion of existing commercial entities can be extremelyimportant to municipalities, where the quality of public education is largelydependent on the local tax base, thereby expanding the commercial tax base andreducing reliance upon the residential tax base;
(9) The ability to attract such development and increase thenon-residential tax base, in turn, improves municipalities' ability to financeschool systems, municipal services and infrastructure, thereby improving thequality of life;
(10) In addition to increasing the local non-residential taxbase, such development creates construction jobs, permanent jobs, and spursadditional investment by private enterprises; and
(11) Providing authority to offer tax increment areas willattract and assist in expanding, revitalizing and redeveloping the tax base inour municipalities, thereby providing long-term economic benefits anddevelopment.
(b) Notwithstanding any other provisions of this chapter, anytax increment generated from a tax increment area designated by the town ofWest Warwick in connection with the development and construction of ahotel/water park to be located in the West Warwick business park and which isdesignated for infrastructure improvements or any current and/or future debtservice in accordance with the rules and regulations of the state department ofrevenue shall be excluded from the maximum tax a city or town may levy pursuantto the provisions of § 44-5-2 of the general laws.