[Approved 2-22-1990 by Ch. No. 2126]
Wherever used in this article, the following terms shall have the meanings indicated:
HISTORIC AND INDUSTRIAL MILL BUILDING
An industrial building built prior to January 1, 1949, and meeting one of the following:
A. 
Listed on the National Register of Historic Places, as maintained by the United States Department of Interior.
B. 
Eligible for listing on the local historic register, as established by the Pawtucket Historic District Commission.
C. 
Not worthy to be nominated to the register, but determined to be eligible for the program by the Pawtucket City Council.
HOUSING UNIT
A new residential unit created within an historic industrial mill building.
RENOVATE
Conversion of an historic industrial mill building to create residential use by substantial rehabilitation.
A. 
In the first year after purchase of a housing unit, the Pawtucket Tax Assessor shall reduce the valuation of said housing unit for real estate tax purposes by 2/3.
B. 
In the second year after the purchase of a housing unit, the Pawtucket Tax Assessor shall reduce the total valuation of said housing unit for real estate tax purposes by 1/3. In the subsequent calendar year, the Pawtucket Tax Assessor will access the housing unit at full valuation.
C. 
For historic industrial mill buildings which are converted for residential rental use under this article, the Pawtucket City Council may authorize the same adjustments to valuations for real estate tax purposes in each instance where an occupant, with a properly executed lease, and whose verified income is less than 80% of the median income for the standard metropolitan statistical area (Pawtucket/Providence), is assessed the fair market rent limit as published by the United States Department of Housing and Urban Development for the first two years of the lease.
This article shall become effective upon passage and shall be applicable to property tax assessments made upon property sold during the period from December 27, 1988, through December 31, 1994.