§ 44-3-9.6 Richmond – Exemption orstabilization tax on qualified property used for manufacturing or commercialpurposes in the town Richmond. – (a) Except as provided in this section, the town council of the town ofRichmond may vote to authorize, for a period not exceeding twenty (20) years,and subject to the conditions provided in this section, to exempt from payment,in whole or part, real and personal property used for manufacturing orcommercial purposes, or to determine a stabilized amount of taxes to be paid onaccount of the property, notwithstanding the valuation of the property or therate of tax; provided, that after public hearings, at least ten (10) days'notice of which shall be given in a newspaper of general circulation in thetown, the town council determines that:
(1) Granting of the exemption or stabilization will inure tothe benefit of the town by reason of:
(i) The willingness of the manufacturer or commercial concernto locate in the town; or
(ii) The willingness of a manufacturing firm to expandfacilities with an increase in employment or the willingness of a commercial ormanufacturing concern to retain or expand its facility in the town and notreduce its work force in the town; or
(iii) An improvement of the physical plant of the town thatwill result in long-term economic benefits to the town and the state.
(2) Granting of the exemption or stabilization of taxes willinure to the benefit of the town by reason of the willingness of amanufacturing or commercial concern or property owner to construct new or toreplace, reconstruct, convert, expand, retain or remodel existing buildings,facilities, fixtures, machinery, or equipment with modern buildings,facilities, fixtures, machinery, or equipment, resulting in the maintenance of,or an increase in, the manufacturing or commercial property investment by thefirm or property owner in the town.
(b) Should the town council make the determination inparagraphs (a)(1)(i) through paragraphs (a)(1)(iii), or subdivision (a)(2) ofthis section, an exemption or stabilization may be granted for existingbuildings, property, machinery, or facilities owned by businesses alreadylocated in the town of Richmond on August 6, 2003.
(c) For the purposes of this section, "commercial property"means any structure or facility used essentially for offices or commercialenterprises.
(d) Except as provided in this section, property for whichtaxes have been exempted in whole or part, or stabilized pursuant to thissection, shall not, during the period for which taxes have been exempted orstabilized, be further liable to taxation by the town so long as the propertyis used for the manufacturing or commercial purpose for which the exemption orstabilization was granted.
(e) Notwithstanding any vote of, or findings by the towncouncil, the property shall be assessed for, and shall pay, that portion of thetax, if any, assessed by the town for the purpose of paying the indebtedness ofthe town and the indebtedness of the state or any political subdivision of thestate, to the extent assessed upon or apportioned to the town, and the intereston 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 andcollected shall be kept in a separate account and used only for that purpose.
(f) Any application for tax exemption or stabilizationsubmitted pursuant to this section shall be submitted before an application fordevelopment plan review is submitted to the Richmond Planning Board pursuant toChapter 18 of the Code of Ordinances, as amended.
(g) Any tax exemption or stabilization granted by the towncouncil pursuant to this section shall be applicable for a period beginning onthe first day of the fiscal year in which the exemption or stabilization isgranted.
(h) If a property owner whose property tax has been exemptedor stabilized pursuant to this section becomes delinquent in the payment of itsproperty taxes, or transfers ownership of its business, the town council shallhave the authority to review and terminate the tax exemption or stabilizationagreement.
§ 44-3-9.6 Richmond – Exemption orstabilization tax on qualified property used for manufacturing or commercialpurposes in the town Richmond. – (a) Except as provided in this section, the town council of the town ofRichmond may vote to authorize, for a period not exceeding twenty (20) years,and subject to the conditions provided in this section, to exempt from payment,in whole or part, real and personal property used for manufacturing orcommercial purposes, or to determine a stabilized amount of taxes to be paid onaccount of the property, notwithstanding the valuation of the property or therate of tax; provided, that after public hearings, at least ten (10) days'notice of which shall be given in a newspaper of general circulation in thetown, the town council determines that:
(1) Granting of the exemption or stabilization will inure tothe benefit of the town by reason of:
(i) The willingness of the manufacturer or commercial concernto locate in the town; or
(ii) The willingness of a manufacturing firm to expandfacilities with an increase in employment or the willingness of a commercial ormanufacturing concern to retain or expand its facility in the town and notreduce its work force in the town; or
(iii) An improvement of the physical plant of the town thatwill result in long-term economic benefits to the town and the state.
(2) Granting of the exemption or stabilization of taxes willinure to the benefit of the town by reason of the willingness of amanufacturing or commercial concern or property owner to construct new or toreplace, reconstruct, convert, expand, retain or remodel existing buildings,facilities, fixtures, machinery, or equipment with modern buildings,facilities, fixtures, machinery, or equipment, resulting in the maintenance of,or an increase in, the manufacturing or commercial property investment by thefirm or property owner in the town.
(b) Should the town council make the determination inparagraphs (a)(1)(i) through paragraphs (a)(1)(iii), or subdivision (a)(2) ofthis section, an exemption or stabilization may be granted for existingbuildings, property, machinery, or facilities owned by businesses alreadylocated in the town of Richmond on August 6, 2003.
(c) For the purposes of this section, "commercial property"means any structure or facility used essentially for offices or commercialenterprises.
(d) Except as provided in this section, property for whichtaxes have been exempted in whole or part, or stabilized pursuant to thissection, shall not, during the period for which taxes have been exempted orstabilized, be further liable to taxation by the town so long as the propertyis used for the manufacturing or commercial purpose for which the exemption orstabilization was granted.
(e) Notwithstanding any vote of, or findings by the towncouncil, the property shall be assessed for, and shall pay, that portion of thetax, if any, assessed by the town for the purpose of paying the indebtedness ofthe town and the indebtedness of the state or any political subdivision of thestate, to the extent assessed upon or apportioned to the town, and the intereston 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 andcollected shall be kept in a separate account and used only for that purpose.
(f) Any application for tax exemption or stabilizationsubmitted pursuant to this section shall be submitted before an application fordevelopment plan review is submitted to the Richmond Planning Board pursuant toChapter 18 of the Code of Ordinances, as amended.
(g) Any tax exemption or stabilization granted by the towncouncil pursuant to this section shall be applicable for a period beginning onthe first day of the fiscal year in which the exemption or stabilization isgranted.
(h) If a property owner whose property tax has been exemptedor stabilized pursuant to this section becomes delinquent in the payment of itsproperty taxes, or transfers ownership of its business, the town council shallhave the authority to review and terminate the tax exemption or stabilizationagreement.
§ 44-3-9.6 Richmond – Exemption orstabilization tax on qualified property used for manufacturing or commercialpurposes in the town Richmond. – (a) Except as provided in this section, the town council of the town ofRichmond may vote to authorize, for a period not exceeding twenty (20) years,and subject to the conditions provided in this section, to exempt from payment,in whole or part, real and personal property used for manufacturing orcommercial purposes, or to determine a stabilized amount of taxes to be paid onaccount of the property, notwithstanding the valuation of the property or therate of tax; provided, that after public hearings, at least ten (10) days'notice of which shall be given in a newspaper of general circulation in thetown, the town council determines that:
(1) Granting of the exemption or stabilization will inure tothe benefit of the town by reason of:
(i) The willingness of the manufacturer or commercial concernto locate in the town; or
(ii) The willingness of a manufacturing firm to expandfacilities with an increase in employment or the willingness of a commercial ormanufacturing concern to retain or expand its facility in the town and notreduce its work force in the town; or
(iii) An improvement of the physical plant of the town thatwill result in long-term economic benefits to the town and the state.
(2) Granting of the exemption or stabilization of taxes willinure to the benefit of the town by reason of the willingness of amanufacturing or commercial concern or property owner to construct new or toreplace, reconstruct, convert, expand, retain or remodel existing buildings,facilities, fixtures, machinery, or equipment with modern buildings,facilities, fixtures, machinery, or equipment, resulting in the maintenance of,or an increase in, the manufacturing or commercial property investment by thefirm or property owner in the town.
(b) Should the town council make the determination inparagraphs (a)(1)(i) through paragraphs (a)(1)(iii), or subdivision (a)(2) ofthis section, an exemption or stabilization may be granted for existingbuildings, property, machinery, or facilities owned by businesses alreadylocated in the town of Richmond on August 6, 2003.
(c) For the purposes of this section, "commercial property"means any structure or facility used essentially for offices or commercialenterprises.
(d) Except as provided in this section, property for whichtaxes have been exempted in whole or part, or stabilized pursuant to thissection, shall not, during the period for which taxes have been exempted orstabilized, be further liable to taxation by the town so long as the propertyis used for the manufacturing or commercial purpose for which the exemption orstabilization was granted.
(e) Notwithstanding any vote of, or findings by the towncouncil, the property shall be assessed for, and shall pay, that portion of thetax, if any, assessed by the town for the purpose of paying the indebtedness ofthe town and the indebtedness of the state or any political subdivision of thestate, to the extent assessed upon or apportioned to the town, and the intereston 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 andcollected shall be kept in a separate account and used only for that purpose.
(f) Any application for tax exemption or stabilizationsubmitted pursuant to this section shall be submitted before an application fordevelopment plan review is submitted to the Richmond Planning Board pursuant toChapter 18 of the Code of Ordinances, as amended.
(g) Any tax exemption or stabilization granted by the towncouncil pursuant to this section shall be applicable for a period beginning onthe first day of the fiscal year in which the exemption or stabilization isgranted.
(h) If a property owner whose property tax has been exemptedor stabilized pursuant to this section becomes delinquent in the payment of itsproperty taxes, or transfers ownership of its business, the town council shallhave the authority to review and terminate the tax exemption or stabilizationagreement.
