§ 44-5-2.2. West Warwick — Maximum levy.
(a) Findings. The general assembly makes the following findings of fact:
(1) Various sections of several towns in the state, including, but not limited to, the
town of West Warwick, are deteriorated, blighted areas which have created very difficult
challenges to economic development;
(2) Several areas of the state are in a distressed financial condition as defined by Rhode
Island general laws subdivisions 45-13-13(b)(1) — (4) and cannot finance economic development projects on its own without the participation
of private enterprise;
(3) The general assembly has found that it is nearly impossible for private enterprise
alone to meet such challenges;
(4) In certain sections of financially distressed communities, the serious challenges
of economic development and/or redevelopment have not been met by private enterprise
alone and the impact is being felt throughout the community;
(5) Legislation enacted to encourage redevelopment of such deteriorated, blighted areas
of success in generating economic development through the formation of local redevelopment
agencies has had very limited success;
(6) A great deal of success in generating economic development has been realized by exercising
the authority to use tax incremental financing;
(7) Most recently, municipalities in our state have had great success in attracting large
commercial development, including financial services, manufacturing, and major energy
facilities, due in large part to the authority to exempt and/or stabilize property,
tangible and/or inventory taxes;
(8) Attracting large non-residential developments or encouraging expansion of existing
commercial entities can be extremely important to municipalities, where the quality
of public education is largely dependent on the local tax base, thereby expanding
the commercial tax base and reducing reliance upon the residential tax base;
(9) The ability to attract such development and increase the non-residential tax base,
in turn, improves municipalities' ability to finance school systems, municipal services
and infrastructure, thereby improving the quality of life;
(10) In addition to increasing the local non-residential tax base, such development creates
construction jobs, permanent jobs, and spurs additional investment by private enterprises;
and
(11) Providing authority to offer tax increment areas will attract and assist in expanding,
revitalizing and redeveloping the tax base in our municipalities, thereby providing
long-term economic benefits and development.
(b) Notwithstanding any other provisions of this chapter, any tax increment generated
from a tax increment area designated by the town of West Warwick in connection with
the development and construction of a hotel/water park to be located in the West Warwick
business park and which is designated for infrastructure improvements or any current
and/or future debt service in accordance with the rules and regulations of the state
department of revenue shall be excluded from the maximum tax a city or town may levy
pursuant to the provisions of § 44-5-2 of the general laws.