[4-5-2023 by Ord. No.
23-08A]
Pursuant to the authority granted by R.I.G.L. § 44-3-9.12,
it is hereby declared that it may be in the best interests of the
Town of Cumberland, from time to time, to enter into agreements that
will exempt from payment, in whole or in part, real property utilized
for affordable housing, manufacturing, commercial, residential, or
mixed-use purposes or to determine a stabilized amount of taxes to
be paid on account of such property notwithstanding the assessed value
of the property or the rate of tax in that entering such agreements
shall serve to attract new business development to the Town or to
encourage redevelopment, expansion or rehabilitation of existing real
business properties.
[4-5-2023 by Ord. No.
23-08A]
As used in this article, the following terms shall have the
meanings indicated:
Any property owned by a firm or concern occupying a building,
structure, and/or land used for commercial or mixed-use purposes and
used by such firm or property owner in its manufacturing, commercial
or mixed-use enterprise including, without limitation, real property
and personal property including furniture, fixtures, equipment, machinery,
stock in trade, and inventory.
Includes any building or structure used for manufacturing,
offices, commercial enterprises, and/or residential housing including,
without limitation, any building or structure used for wholesale,
warehouse, distribution, and/or storage businesses, used for service
industries, or used for any other commercial or manufacturing business,
residential housing, including mixed-use, and the land on which any
such building or structure is situated.
[4-5-2023 by Ord. No.
23-08A]
On petition of a property owner requesting exemption or stabilization
of taxes, in whole or in part, the Town Council shall hold a public
hearing, with at least 10 days' notice, which notice shall be
published in a newspaper of general circulation in the Town.
[4-5-2023 by Ord. No.
23-08A]
Prior to granting an exemption or stabilization as contemplated
herein, the Town Council must find that the granting of the exemption
or stabilization of taxes will inure to the benefit of the Town by
reason of:
(a)
The willingness of the manufacturing or commercial firm or concern
to locate in the Town or of individuals to reside in such an area;
or
(b)
The willingness of a manufacturing or commercial firm or concern
to expand facilities with an increase in employment or the willingness
of a commercial or manufacturing concern to retain or expand its facility
in the Town and not substantially reduce its work force in the Town;
or
(c)
An improvement of the physical plan of the Town which will result
in a long-term economic benefit to the Town and state; or
(d)
An improvement which converts or makes available land or facility
that would otherwise be not developable or difficult to develop without
substantial environmental remediation; or
(e)
Granting of the exemption or stabilization of taxes will inure to
the benefit of the Town by reason of the willingness of a manufacturing,
commercial, residential or mixed-use firm or property owner to construct
new or replace, reconstruct, expand, or remodel existing buildings,
facilities, fixtures, machinery, or equipment with modern buildings,
facilities, fixtures, machinery, or equipment resulting in an increase
in plant, commercial, residential housing or mixed-use building investment
by the firm or property owner in the Town.
[4-5-2023 by Ord. No.
23-08A]
Any proposed project that qualifies for participation in the
Tax Stabilization Program under the provisions of this article may
be entered into subject to and upon the following:
(a)
The specific terms and conditions of any agreement and the Town under
the provisions of this amendment shall be negotiated by the Mayor.
(b)
The proposed agreement shall be for a period not exceeding 20 years.
(c)
Any tentative agreement negotiated and reached by a project proponent
and the Mayor on behalf of the Town shall be subject to approval by
an affirmative, majority vote of the Town Council.
[4-5-2023 by Ord. No.
23-08A]
Renewable energy resources, as defined in R.I.G.L. § 39-26-5,
qualify for tax stabilization agreements under this article.
[4-5-2023 by Ord. No.
23-08A]
Nothing in this article shall be deemed to permit the exemption
or stabilization of taxes as herein provided for any manufacturing
or commercial concern relocation from one city or town within the
State of Rhode Island to another.
