§ 44-3-9.13. Coventry — Exemption or stabilizing of taxes on qualifying property used for manufacturing,
commercial, residential, or mixed-use purposes.
(a)(1) Except as provided in this section, the town council of the town of Coventry may vote
to authorize, for a period not to exceed twenty (20) years, and subject to the conditions
as provided in this section, to exempt from payment, in whole or in part, real and
personal property that has undergone environmental remediation, is historically preserved,
or is used for affordable housing, manufacturing, commercial, residential, or mixed-use
purposes, or to determine a stabilized amount of taxes to be paid on account of such
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:
(i) Granting of the exemption or stabilization of taxes will inure to the benefit of the
town by reason of:
(A) The willingness of the manufacturing or commercial firm or concern to locate in the
town or of individuals to reside in such an area; or
(B) The willingness of a manufacturing or commercial firm or concern to expand facilities
with an increase in employment or the willingness of a commercial or manufacturing
concern to retain or expand its facility in the town and not substantially reduce
its work force in the town; or
(C) An improvement of the physical plant in the town that will result in a long-term economic
benefit to the town and state; or
(D) An improvement that converts or makes available land or facility that would otherwise
be not developable or difficult to develop without substantial environmental remediation;
or
(ii) Granting of the exemption or stabilization of taxes will inure to the benefit of the
town by reason of the willingness of a manufacturing, commercial, residential, or
mixed-use firm or property owner to construct new or 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, commercial, residential housing, or mixed-use building investment by the
firm or property owner in the town.
(2) Provided that, should the town council make the determination in subsection (a)(1)(i)(B)
of this section, any exemption or stabilization may be granted as to new buildings,
fixtures, machinery, or equipment for new buildings, firms, or expansions, and may
be granted as to the existing building, fixtures, machinery, and equipment for existing
employers in the town.
(b) For purposes of this section, "real property used for manufacturing, commercial, residential,
or mixed-use purposes� includes any building or structure used for manufacturing,
offices, commercial enterprises, and/or residential housing 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 or manufacturing
business, residential housing, including mixed-use, and the land on which any such
building or structure is situated.
(c) For purposes of this section, "personal property used for manufacturing, commercial,
or mixed-use purposes� means any property owned by a firm or concern occupying a building,
structure, and/or land used for commercial or mixed-use purposes and used by such
firm or property owner in its manufacturing, commercial, or mixed-use enterprise including,
without limitation, real property and personal property including furniture, fixtures,
equipment, machinery, stock in trade, and inventory.
(d) Except as provided in this section, real and personal property, the payment of taxes
on which has been so exempted or that 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, commercial,
residential, or mixed-use 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 Coventry
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.
(f) Renewable energy resources as defined in § 39-26-5, qualify for tax stabilization agreements pursuant to subsection (a) of this section.