[Adopted 6-21-2011 by Ord. No. 2011-04]
A.
Whereas Clauses.
(1)
Whereas, the Town of Smithfield (Town) and Dejana Realty of Smithfield,
RI, LLC (Dejana), wish to enter into a tax agreement with respect
to the payment of Town real estate taxes for a five-year period commencing
with Town fiscal year 2012-13 which relate to the property designated
as Smithfield Assessor's Plat 48, Lots 76 and 77 and Dejana's planned
construction thereon (the Tax Agreement); and
(2)
Whereas, the Town has made and hereby reaffirms the following findings
with respect to the Tax Agreement:
(a)
The Tax Agreement is in the public interest as it induces Dejana
to relocate and expand its facility in the Town which will increase
the tax base of the Town, provide new tax revenues to the Town, create
new employment opportunity for residents of the Town and enhance property
values in the Town as well as the overall economic climate of the
Town; and
(b)
Chapter 7 of Rhode Island Public Laws, 1960, provides that the Town and Dejana may make an agreement with respect to real estate taxes on the proposed project; and
(c)
The payments made pursuant to the Tax Agreement are fair and
equitable and acceptable to the Town and Dejana.
B.
The findings set forth in the proceeding Whereas Clauses are hereby
made and confirmed.
C.
The execution, delivery and performance by the Town of a Tax Agreement
with Dejana in the form set forth in Exhibit A[1] hereto are hereby authorized and approved.
[1]
Editor's Note: Exhibit A is included at the end of this chapter.
D.
This section shall take effect 30 days after passage hereof.
[Added 10-4-2011 by Ord. No. 2011-07]
A.
Whereas Clauses.
(1)
Whereas, the Town of Smithfield (Town) and United Rentals (North
America), Inc. (United Rentals), wish to enter into a tax agreement
with respect to the payment of Town tangible personal property taxes
for a five-year period commencing with Town fiscal year 2012-13 which
relate to United Rentals' facility located in the Town of Smithfield
(the Tax Agreement); and
(2)
Whereas, the Town has made and hereby reaffirms the following findings
with respect to the Tax Agreement:
(a)
The Tax Agreement is in the public interest as it induces United
Rentals to locate its facility in the Town which will increase the
tax base of the Town, provide new tax revenues to the Town, create
new employment opportunity for residents of the Town and enhance property
values in the Town as well as the overall economic climate of the
Town; and
(b)
Chapter 7 of Rhode Island Public Laws, 1960, provides that the Town and United Rentals may make an agreement with respect to tangible personal property taxes on the proposed project; and
(c)
The payments made pursuant to the Tax Agreement are fair and
equitable and acceptable to the Town and United Rentals.
B.
The findings set forth in the proceeding Whereas Clauses are hereby
made and confirmed.
C.
The execution, delivery and performance by the Town of a Tax Agreement
with United Rentals in the form set forth in Exhibit A[1] hereto, are hereby authorized and approved.
[1]
Editor's Note: Exhibit A is included at the end of this chapter
D.
This section shall take effect 30 days after passage hereof.
[Added 8-7-2018 by Ord.
No. 2018-05]
A.
Whereas the Town of Smithfield ("the Town") and Rubius Therapeutics,
Inc. ("Rubius") have entered into a tax stabilization agreement with
respect to the payment of Town real estate and tangible personal property
taxes for a twenty-year period, commencing with the Town Fiscal Year
2018-2019, which relates to the property designated as Tax Assessor's
Plat 49, Lots 078 and 219, and Rubius's planned location of a facility
thereon, which agreement is attached hereto as Exhibit A ("the agreement");
and[1]
[1]
Editor's Note: Exhibit A is on file in the Town offices.
B.
Whereas the Town has made and hereby reaffirms the following findings
with respect to the agreement:
(1)
The agreement is in the public interest as it induces Rubius to locate
and expand the proposed facility in the Town which will increase the
tax base of the Town, provide increased tax revenues to the Town,
create employment opportunities for the residents of the Town and
enhance property values in the Town as well as improve and enhance
the overall economic climate of the Town; and
(2)
Rhode Island Public Laws 1960, Chapter 7, as amended by Rhode Island Public Laws 1975, Chapter 227, as well as R.I.G.L. § 42-64-1 et seq. provide that the Town and Rubius may make an agreement with respect to real estate and tangible personal property taxes on the property; and
(3)
The payments to be made pursuant to the agreement are fair and equitable
and acceptable to the Town and Rubius.
D.
The terms of the agreement are hereby made and confirmed as of the
date of execution.
E.
The execution, delivery and performance of the Town as set forth
in the agreement is hereby confirmed in full, authorized and approved
as of the date of execution.
F.
This section shall take effect 30 days after passage.
