§ 44-5-61.2 - Pawtucket – Exemption or stabilizing of taxes on qualifying property located in the city.
SECTION 44-5-61.2
§ 44-5-61.2 Pawtucket – Exemption orstabilizing of taxes on qualifying property located in the city. – Except as provided in this section, the city council of the city of Pawtucketmay vote to authorize for a period not exceeding ten (10) years, and subject tothe conditions provided in this section, to exempt from payment, in whole or inpart, real and personal qualifying property, or to determine a stabilizedamount, of taxes to be paid on account of the qualifying property locatedwithin the city of Pawtucket, notwithstanding the valuation of the property orthe rate of tax; provided, that after a public hearing, at least ten (10) days'notice of which must be given in a newspaper having a general circulation inthe city, the city council determines that granting of the exemption orstabilization for qualifying property will inure to the benefit of the city byreason of the willingness of the owners of qualifying property to replace,reconstruct, expand or remodel existing buildings, facilities, machinery, orequipment with modern buildings, facilities, fixtures, machinery, or equipmentor to construct new buildings or facilities or acquire new machinery orequipment for use in the buildings or facilities or to reoccupy or reuse thebuildings 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 complies with any stabilization agreement and is used orintended to be used for the manufacturing or commercial purposes for which theexemption or stabilized amount of taxes was made.