R.I. Gen. Laws § 44-3-9.2 — North Smithfield — Exemption or stabilizing of taxes on qualifying property used for manufacturing or commercial purposes

(a) Except as provided in this section, the town council of the town of North Smithfield
may vote to authorize, for a period not to exceed ten (10) years, and subject to the
conditions provided in this section, to exempt from payment, in whole or in part,
real and personal property used for manufacturing 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 or commercial firm or concern to locate in the
town; or
(ii) The willingness of a manufacturing 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 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 plant or commercial building investment by the
firm or concern in the town.
(b) For purposes of this section, “real property used for commercial purposes” includes
any building or structure used for offices 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 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 commercial purposes” means
any personal property owned by a firm or concern occupying a building, structure,
and/or land used for commercial purposes and used by such firm or concern in its 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 has been
so exempted or 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 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 North 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.