R.I. Gen. Laws § 44-3-9.11 — Smithfield — Exemption or stabilizing of taxes on qualifying property used for manufacturing, industrial, or commercial purposes

(a) Except as provided in this section, the town council of the town of Smithfield may
vote to authorize, for a period not to exceed twenty (20) years, and subject to the
conditions provided in this section, to exempt from payment, in whole or in part,
real and/or personal property used for manufacturing, industrial, or commercial purposes,
or to determine a stabilized amount of taxes to be paid on account of the property,
notwithstanding the valuation of the property or the rate of tax; provided, that after
public hearings, at least ten (10) days’ notice of which shall be given in a newspaper
having a general circulation in the town, the town council determines that:
(1) Granting of the exemption or stabilization of taxes will inure to the benefit of the
town by reason of:
(i) The willingness of the manufacturing, industrial, or commercial firm or concern to
locate in the town; or
(ii) The willingness of a manufacturing, industrial, or commercial firm or concern to expand
facilities with an increase in employment; or
(2) Granting of the exemption or stabilization of taxes will inure to the benefit of the
town by reason of the willingness of a manufacturing, industrial, or commercial firm
or concern to 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 manufacturing, industrial, or commercial
building investment by the firm or concern in the town.
(b) For purposes of this section, “real property used for manufacturing, industrial, or
commercial purposes” includes any building or structure used for offices, manufacturing,
industrial, or commercial enterprises 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 manufacturing, industrial, or commercial
business, and the land on which the building or structure is situated and not used
for residential purposes.
(c) For purposes of this section, “personal property used for manufacturing, industrial,
or commercial purposes” means any personal property owned by a firm or concern in
its manufacturing, industrial, or commercial enterprise including, without limitation,
furniture, fixtures, equipment, machinery, stock in trade, and inventory.
(d) Except as provided in this section, property, the payment of taxes on which is subject
to the payment of a stabilized amount of taxes, shall not, during the period for which
the exemption or stabilization of the amount of taxes is granted, be further liable
to taxation by the town in which the property is located so long as the property is
used for the manufacturing, industrial, or commercial purposes for which the exemption
or stabilized amount of taxes was made.
(e) Notwithstanding any vote and findings by the town council, the property shall be assessed
for and shall pay that portion of the tax, if any, assessed by the town of Smithfield
for the purpose of paying the indebtedness of the town and the indebtedness of the
state or any political subdivision of the state to the extent assessed upon or apportioned
to the town, and the interest on the indebtedness, and for appropriation to any sinking
fund of the town, which portion of the tax shall be paid in full, and the taxes so
assessed and collected shall be kept in a separate account and used only for that
purpose.