§ 44-5-61.1 - Central Falls – Exemption or stabilizing of taxes on qualifying property located in the city.
SECTION 44-5-61.1
§ 44-5-61.1 Central Falls – Exemptionor stabilizing of taxes on qualifying property located in the city. – Except as provided in this section, the city council of the city of CentralFalls may vote to authorize for a period not exceeding five (5) years, andsubject to the conditions provided in this section, to exempt from payment, inwhole or in part, real and personal qualifying property, or to determine astabilized amount, of taxes to be paid on account of the qualifying propertylocated within the city of Central Falls, notwithstanding the valuation of theproperty or the rate of tax; provided, that after a public hearing, at leastten (10) days' notice of which must be given in a newspaper having a generalcirculation in the city, the city council determines that granting of theexemption or stabilization for qualifying property will inure to the benefit ofthe city by reason of the willingness of the owners of qualifying property toreplace, 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 newmachinery or equipment for use in the buildings or facilities or to reoccupy orreuse the buildings or facilities if they are vacant or abandoned formanufacturing/warehousing or research and development, resulting in an increasein investment by the owners in the city. For purposes of this section,"qualifying property" means any building or structures used or intended to beused essentially for offices, manufacturing, or commercial enterprises. Exceptas provided in this section, property, the payment of taxes on which has beenso 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 theamount of taxes is granted, be further liable to taxation by the city so longas that property is used or intended to be used for the manufacturing orcommercial purposes for which the exemption or stabilized amount of taxes wasmade.