FINANCE COMMITTEE NOTICE OF PUBLIC HEARING

Posted

A Public Hearing on the following proposed Ordinances will be held before the Finance Committee on Thursday, October 15, 2020 at 7:00 p.m. pursuant to Section 3.12 of the Charter via Zoom webinar

You are invited to a Zoom webinar.
When: Oct 15, 2020 07:00 PM
Eastern Time (US and Canada)
Topic: Finance Meeting

Please click the link below to join the webinar:
https://us02web.zoom.us/j/83560626182?pwd=MUNjUm16KzhnMVBKVHBKbTZCQ0NaQT09
Passcode: 160004
Or iPhone one-tap :
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Or Telephone:
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Webinar ID: 835 6062 6182
Passcode: 160004
International numbers available:
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Complete copies of proposed Ordinances are available for public review at the City Clerk’s Office, and the Cranston Central Library and the City’s website cranstonri.com under calendar by clicking on the meeting date.

“Individuals requesting interpreter services for the deaf or hard of hearing must notify the City Clerk’s Office at 461-1000 ext. 3197 seventy-two (72) hours in advance of the hearing date.”

Michael Favicchio, Chair Leanne Zarrella, JD
Finance Committee City Clerk

PROPOSED ORDINANCE 9-20-07 IN AMENDMENT OF TITLE 3.16 OF THE CODE OF THE CITY OF CRANSTON ENTITLED “PROPERTY TAX CLASSIFICATION”
(Change of Tax Value for Commercial Renewable Energy Systems)

It is ordained by the City Council of the City of Cranston as follows:

SECTION 1. Title 3.16.060 of the Code of the City of Cranston, entitled “Renewable Energy Systems” is hereby amended by adding and removing the following:

3.16.060 – Real Estate Tax Value for Commercial Renewable Energy Systems. The following formula and associated ten two dollars ($10.00 $2.00) per kw is adopted by the City of Cranston in establishing the real estate tax value for properties containing commercial renewable energy systems to provide reasonable compensation to the city effective January 1, 2017. The $10.00 per kilowatt rate shall increase annually by the same percentage as the commercial tax rate increases. If the tax rate decreases due to reassessment, there shall be no rate increase.

Ten Two dollars ($10.00 $2.00) per kW × _______ kilowatt A/c capacity of the commercial renewable energy system = $_______

Example 1: A two megawatt ground mount solar system that will be receiving a twenty-five (25) year tariff under the REG program and selling the electricity back to National Grid.

$10.00 $2.00 kW × 2,000 kW A/C capacity of the commercial renewable energy system =

Twenty Four thousand dollars ($20,000.00 $4,000.00) annual revenue to the city.

Five One hundred thousand dollars ($500,000 $100,000.00) total revenue over the twenty-five (25) year REG program tariff to the municipality.

Example 2: A 1.5 megawatt wind turbine system that will be receiving a twenty-five (25) year tariff under the REG program and selling the electricity back to National Grid.

Ten Two dollars ($10.00 $2.00) kW × one thousand five hundred (1,500) kW A/C capacity of the commercial renewable energy system

Fifteen Three thousand dollars ($15,000.00 $3,000.00) annual revenue to the city.

Three Hundred and Seventy-five Seventy-five thousand dollars ($375,000 $75,000.00) total revenue over the twenty-five (25) year REG program tariff to the municipality.

Sponsored by Councilmember Stycos

PROPOSED ORDINANCE 9-20-08 IN AMENDMENT OF TITLE 3, OF THE CODE OF THE CITY OF CRANSTON, 2005, ENTITLED “PROPERTY TAX EXEMPTION”
(Tangible Property Exemption)

It is ordained by the City Council of the City of Cranston as follows:

SECTION 1. Title 3.16.050 of the Code of the City of Cranston, entitled “Tangible Property Exemption” is hereby amended as follows:

3.16.050 – Tangible property exemption. The City Council of Cranston hereby creates a tax exemption for tangible business property having a value less than [six thousand five hundred dollars ($6,500.00)] six thousand five hundred dollars ($6,500.00)]. The finance director is to report back on the effects by January 1, 2020.

Whereas the small business owners in Cranston are burdened with not only paying taxes on computers, telephones, furniture and other equipment but also facing financial hardship as a result of the Covid 19 pandemic in the next fiscal year; and

Whereas the City of Cranston seeks to assist, promote and invite small businesses to move into Cranston thereby creating jobs and other business activity; and

Whereas the costs associated with assessing tangible personal property and collecting taxes thereon is not cost effective and is a burden on the tax assessor’s office and ultimately city resources in general.

Now therefore, be it resolved that

The City Council of the City of Cranston hereby creates a tax exemption for tangible business property having a value less than $6,500.00 for fiscal year 2021-2022.

SECTION 2: This Ordinance shall take effect upon its final adoption.

Sponsored by:
Council Vice-President Favicchio

10/8/20

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