The purpose of this policy is to implement a
consistent plan of property tax exemption for industrial and commercial
development in the Town in order to encourage:
A. An industrial or commercial concern to locate in the
Town;
B. An existing industrial or commercial concern to improve
its facilities in the community, thereby increasing the tax base;
C. An existing industrial or commercial concern to construct
additional facilities in the community thereby increasing the tax
base and increasing work opportunities; or
D. Existing commercial and residential concerns within
the Downtown Center 1 Zoning District (DC-1) to improve existing facilities
or construct additional facilities, thereby increasing the tax base
and encourage redevelopment within that district.
[Amended 10-18-2004 by Ch. No. 1513]
Pursuant to Section 44-3-9, Rhode Island General
Laws, the Town Council may grant an exemption upon its finding that
the granting of such exemption will benefit the Town as follows:
A. Class A: 100% reduced to 0% over 10 years, or 100%
reduced to 0% over 20 years:
Year
|
Percentage
|
|
Years
|
Percentage
|
---|
1
|
100
|
|
1-2
|
100
|
2
|
90
|
|
3-4
|
90
|
3
|
80
|
|
5-6
|
80
|
4
|
70
|
|
7-8
|
70
|
5
|
60
|
or
|
9-10
|
60
|
6
|
50
|
|
11-12
|
50
|
7
|
40
|
|
13-14
|
40
|
8
|
30
|
|
15-16
|
30
|
9
|
20
|
|
17-18
|
20
|
10
|
10
|
|
19-20
|
10
|
11
|
00
|
|
21
|
0
|
(1) A-1-A: manufacturing or other commercial enterprise
which is new to the Town which is constructing a new manufacturing
or other commercial facility on land which did not have a taxable
improvement on it prior to such construction; the abatement would
apply to the new improvement only.
(2) A-2-A: an enterprise which is not new to the Town
which is constructing an additional manufacturing, research, technological
development, and/or financial services facility on land which did
not have an improvement on it prior to such construction and such
enterprise shall operate the prior facility with such improvement
increasing employment within the Town; the abatement would apply to
the new improvement only.
B. Class B: 50% reduced to 0% over five years:
[Amended 11-10-2008 by Ch. No. 1661]
Year
|
Percentage
|
---|
1
|
50
|
2
|
40
|
3
|
30
|
4
|
20
|
5
|
10
|
6
|
00
|
(1) A-1-B: manufacturing or other commercial enterprise
which is new to the Town which is locating in the Town and which is
occupying an existing facility; or an existing facility that will
be occupied by a manufacturing or other commercial enterprise which
is new to the Town and is locating in the Town.
(2) A-2-B: manufacturing enterprise which is not new to
the Town which is improving an existing manufacturing facility on
land with such improvement increasing employment within the Town;
the abatement would apply to the new improvement only.
(3) A-2-C: manufacturing enterprise which is not new to
the Town which is constructing a new manufacturing facility on land
at a new location with such improvement increasing employment within
the Town and increasing the tax base as a result of the relocation
and improvement; the abatement to apply to the increased tax as a
result of such improvement only.
(4) B: manufacturing or commercial enterprise which is
currently in operation in the community and endeavors to rehabilitate
and/or modernize its existing facility; the abatement would apply
to the increased tax as a result of such improvement only.
(5) C: Commercial and residential mixed use enterprise
within the Downtown Center 1 Zoning District (DC-1), which endeavors
to rehabilitate or modernize an existing facility. The abatement would
apply to only the increased tax as a result of such improvements.