R.I. Gen. Laws § 44-5-61.2 — Pawtucket — Exemption or stabilizing of taxes on qualifying property located in the city

Except as provided in this section, the city council of the city of Pawtucket may
vote to authorize for a period not exceeding ten (10) years, and subject to the conditions
provided in this section, to exempt from payment, in whole or in part, real and personal
qualifying property, or to determine a stabilized amount, of taxes to be paid on account
of the qualifying property located within the city of Pawtucket, notwithstanding the
valuation of the property or the rate of tax; provided, that after a public hearing,
at least ten (10) days’ notice of which must be given in a newspaper having a general
circulation in the city, the city council determines that granting of the exemption
or stabilization for qualifying property will inure to the benefit of the city by
reason of the willingness of the owners of qualifying property to replace, reconstruct,
expand or remodel existing buildings, facilities, machinery, or equipment with modern
buildings, facilities, fixtures, machinery, or equipment or to construct new buildings
or facilities or acquire new machinery or equipment for use in the buildings or facilities
or to reoccupy or reuse the buildings or facilities if they are vacant or abandoned
for manufacturing/warehousing or research and development, resulting in an increase
in investment by the owners in the city. For purposes of this section, “qualifying
property” means any building or structures used or intended to be used essentially
for offices, manufacturing, or commercial enterprises. 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 city so long as that property complies with any stabilization
agreement and is used or intended to be used for the manufacturing or commercial purposes
for which the exemption or stabilized amount of taxes was made.