FINANCE COMMITTEE NOTICE OF PUBLIC HEARING

Posted Wednesday, April 26, 2023 12:00 am

A Public Hearing on the following proposed Ordinance will be held before the Finance Committee on Monday, May 1, 2023 at 7:00 p.m. in the City Council Chambers, City Hall, 869 Park Avenue, City Hall, Cranston, R.I. pursuant to Section 3.12 of the Charter, in accordance with the RI General Laws Chapter 45-24-53 for the purpose of considering the following items listed on the agenda. Remote participation is also available by using the logon information provided below as posted on the City’s website at www.cranstonri.gov and Secretary of State’s website at www.sos.ri.gov.

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Complete copies of proposed Ordinance is 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 dear 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.”

John P. Donegan
Finance Committee Chair

Tracy Nelson
City Clerk

PROPOSED ORD. NO. 4-23-02 RATIFYING THE IBPO (International Brotherhood Police Officers) CONTRACT, LOCAL UNION 301 (FY 2024-2026)

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

Section 1. Pursuant to the provisions of Chapter 28-9.2 of the Rhode Island General Laws of 1986, as amended, the City of Cranston has through its corporate officials, bargained collectively with the IBPO (International Brotherhood Police Officers) Local 301, which is the certified bargaining representative of municipal police officers as set forth in the contract; and the Union and the City of Cranston have reached an understanding respecting the terms of a contract concerning wages, hours, and working conditions for said city municipal police officers.

Section 2. That the agreement in writing between the City of Cranston and the IBPO (International Brotherhood Police Officers) Local 301, a copy of which is attached hereto, is herby ratified, confirmed and approved by this City Council.

Section 3. That except as modified by the terms of the aforesaid agreement as specifically directed by the aforesaid Chapter 28-9.2 of the Rhode Island General Laws of 1956, as amended, the City of Cranston shall retain all powers vested in it by law and its charter over the management, regulation and control of said city municipal police officers.

Section 4: This Ordinance shall take effect upon its final adoption.

Fiscal Note

I hereby certify that it is anticipated that sufficient funds will be available to fund this contract, and I have provided a fiscal impact analysis, which is attached hereto.

Thomas Zidelis, Director of Finance

Sponsored by Mayor Hopkins

PROPOSED ORD. NO. 4-23-03 IN AMENDMENT OF TITLE 3, REVENUE AND FINANCE, CHAPTERS 3.84, 3.88, 3.92, 3.96, AND 3.97 OF THE CITY OF CRANSTON, 2005, ENTITLED “TAX INCENTIVE PROGRAMS”

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

Section 1. Title 3 of the Code of the City of Cranston, “Revenue and Finance”, Chapters 3.84, 3.88, 3.92, 3.96, and 3.97, are hereby amended by adding and deleting the following:

3.84.01A0 Findings.

It is the intention of the administration and the city council to offer a tax incentive to new businesses locating in industrially zoned property within the city of Cranston, as well as to offer said incentive to existing businesses that are expanding, in an effort to retain, strengthen, expand and increase its work force within the city. After public hearing pursuant to R.I.G.L. Section 44-3-9, the city council has determined that:

A. Granting of the exemption will inure to the benefit of the city by reason of (1) willingness of manufacturing concerns to locate in the city; or (2) the willingness of a manufacturing firm to expand facilities with an increase in employment or the willingness of a manufacturing concern to retain its facility and its work force in the city; or (3)an improvement of the physical plant of the city which will result in a long term economic benefit to the city and state; or

B. Granting of the exemption will inure to the benefit of the city by reason of the willingness of manufacturing firm or property owner to replace, reconstruct, convert, expand, retain or remodel existing buildings or facilities with modern buildings or facilities resulting in an increase or maintenance in plant investment by the firm or property owner in the city.

(Ord. No. 2011-12, § 1, 4-25-11)

3.84.020 Program description.

The city council establishes a tax incentive program for construction of new industrial facilities or the expansion of current industrial facilities in M-1 and M-2 zoned parcels in the city of Cranston. This tax incentive program shall be for a period not exceeding five years and shall be subject to the following terms and conditions.

A. Eligible projects shall include:

1. Total new construction of an industrial facility with a minimum construction cost of five hundred thousand dollars ($500,000.00) and not to exceed two million five hundred thousand dollars ($2,000,000.00 $2,5000,000).

2. Renovation of an existing building with a minimum construction cost of five hundred thousand one million dollars ($500,000.00 $1,000,000) and not to exceed two million dollars ($2,000,000.00).

3. Nothing in this chapter shall be deemed to permit the exemption or stabilization herein provided for any manufacturing concern relocating from one city or town within the state of Rhode Island to another and must comply with R.I. Gen. Laws Section 44-3-9.

4. Nothing in this chapter shall be deemed transferable to another.

B New, expanding, or existing industrial facilities must apply for designation under this tax incentive program for the new, existing or expanded construction. Further, the new, existing, or expanding business must have obtained approval for eligibility for participation in this program prior to the receipt of a certificate of occupancy from the building inspector. Application forms are available in the office of economic development.

C. Eligibility for participation in this tax incentive program shall require a review of the financial status of the applicant to determine need and the collective approval of the economic development director, building inspector, finance director, tax assessor, city planner or their designees, and the city council.

D. At the time of the application each business must commit to the creation of jobs for Cranston residents of a minimum of thirty-three percent (33%):

1. New or existing businesses expanding their facility must commit to increasing its employment over the course of three five years.

2. Businesses must submit a copy of their quarterly wage and tax reports to the economic development department in the city of Cranston.

E. All participating businesses either new, existing or expanding are required to comply with all federal, state and municipal rules and regulations regarding job safety and hiring practices.

F. All new, existing or expanding business including any and all subsidiaries, affiliates, subdivisions, parents or other entities of said businesses with ten (10) percent or more common ownership, unless otherwise approved by the city council, must provide proof that all municipal taxes, fees and other assessments are paid and current and have been current for the last three years in order for said business to be eligible under this tax incentive program.

G. Notwithstanding any vote and findings by the city council, the property shall be assessed for and shall pay that portion of the tax if any assessed by the city in which the real property is located, for the purpose of paying the indebtedness of the state or any political subdivision thereof to the extent assessed upon or apportioned to the city, and the interest thereon, and for appropriation to any sinking fund of the city, 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.

H. The city planner, the tax assessor, finance director, the building inspector and the director of economic development shall promulgate with city council approval such rules and regulations and provide suitable documents necessary to effect the purpose of this chapter.

I. The mayor shall submit to the finance committee in the month of March an annual report prepared by the city planner, the tax assessor and the director of economic development which will identify all businesses participating in this tax incentive program and shall verify the applicant's compliance with all provisions of this chapter. Said report shall include the amount of incentive granted to each business previously approved, the number of jobs and/or the amount of expansion created by said new businesses, and the remaining term for said incentive program for each business. Said annual report shall also include the assessed value, the taxes generated and the taxes defeased as a result of the participation in the tax incentive program for each participating business.

J. That for the entire duration of the five-year tax incentive the aforementioned facility must be solely owned and operated by the recipient of said tax incentive. That if for any reason the recipient of said tax incentive vacates the aforementioned premises, abandons, or sells the facility to another entity, corporation, partnership or person, prior to the expiration of the five-year tax incentive the city of Cranston shall have the right to perfect a lien, equal to the incentive amount given to date, placed upon said property pursuant to subsections (L) and (M) below. The city of Cranston shall also have the right to assess a penalty requiring the business to pay an amount equal to the total amount of the tax incentive given to the business to date.

K. That for the entire period of said tax incentive program five years) the recipient of said tax incentive shall grant to the city of Cranston a lien encumbering said property including all improvements placed thereon, in the amount of the value of the tax incentive. Said lien shall be filed with the land evidence records of the city of Cranston.

L. The terms of said lien shall include the right of the city of Cranston to perfect a lien without further notice to recipient of said tax incentive upon the following conditions:

1. The sale of aforementioned site to any corporation, individual, partnership and the like including any other owner other than the recipient of said tax incentive.

2. The non-payment or late payment of any tax, use charge, or assessment levied by the city of Cranston associated with the use and occupation of any site owned by said applicant in the city of Cranston.

3. The abandonment by recipient of said tax incentive of said property.

M. That in the event the city of Cranston perfects said tax lien due to a default of any provision contained in subsection (L) above, the city of Cranston shall be entitled to the entire amount of the lien regardless of when said default should occur. The city of Cranston may consider subordination of its lien upon a reasonable request made by either the owner of the property or their lender. Nothing contained in this chapter shall hamper, impede or prevent the financing of the property owner or the reasonable requests of the financial institution with whom the property owner conducts business.

N. Failure to timely pay the taxes under this incentive program when due (in addition to the foreclosure remedies provided herein) will result in forfeiture of all future benefits under this program and all future taxes due to be assessed without the benefit of the incentives.

O. Upon the expiration of the five-year tax incentive program and the compliance with all terms by the recipient of said tax incentive, the city of Cranston shall provide a release of the lien described herein.

(Ord. No. 2011-12, § 1, 4-25-11; Ord. No. 2014-5, § 1, 1-27-14 )

3.84.030 Tax incentive shall commence upon the issuance of certificate of occupancy or letter of completion.

A. First Year. Businesses shall pay an amount equal to ten twenty (10 20) percent or more of its total real estate property tax (excluding land) for new construction or an amount equal to ten twenty (10 20) percent or more of any additional real estate property tax attributable to the addition or expansion to the existing structure.

B. Second Year. Businesses shall pay an amount equal to ten thirty-five (10 35) percent or more of its total real estate property tax (excluding land) for new construction or an amount equal to ten thirty-five (10 35) percent or more of any additional real estate property tax attributable to the addition or expansion to the existing structure.

C. Third Year. Businesses shall pay an amount equal to twenty-five fifty (25 50) percent or more of its total real estate property tax (excluding land) for new construction or an amount equal to twenty-five fifty (25 50) percent or more of any additional real estate property tax attributable to the addition or expansion to the existing structure.

D. Fourth Year. Businesses shall pay an amount equal to sixty sixty-five (60 65) percent or more of its total real estate property tax (excluding land) for new construction or an amount equal to sixty sixty-five (60 65) percent or more of any additional real estate property tax attributable to the addition or expansion to the existing structure.

E. Fifth Year. Businesses shall pay an amount equal to seventy-five eighty-five (75 85) percent or more of its total real estate property tax (excluding land) for new construction or an amount equal to seventy-five eighty-five (75 85) percent or more of any additional real estate property tax attributable to the addition or expansion to the existing structure.

F. Sixth Year. Businesses shall pay an amount equal to one hundred (100) percent of its total real estate property tax (excluding land) for new construction or an amount equal to one hundred (100) percent of any additional real estate property tax attributable to the addition or expansion to the existing structure.

Chapter 3.88 TEN (10) YEAR ECONOMIC DEVELOPMENT TAX INCENTIVE
PROGRAM FOR INDUSTRIALLY ZONED PROPERTY

3.88.010 Findings.

A. Granting of the exemption will inure to the benefit of the city by reason of (1) willingness of manufacturing concern to locate in the city; or (2) the willingness of a manufacturing firm to expand facilities with an increase in employment or the willingness of a manufacturing concern to retain its facility and workforce in the city or (3) an improvement of the physical plant of the city which will result in a long term economic benefit to the city and state; or

(Ord. No. 2011-13, § 1, 4-25-11)

3.88.020 Program description.

The city council establishes a tax incentive program for construction of new industrial facilities or the expansion of current industrial facilities, or the purchase of existing industrial facilities, in M-1 and M-2 zoned parcels in the city of Cranston. This tax incentive program shall be for a period not exceeding ten years and shall be subject to the following terms and conditions.

A. Eligible projects shall include:

1. Total new construction of an industrial facility with a minimum construction cost of greater than two million five hundred thousand dollars ($2,000,000.00 2,500,000); or

2. Renovation of an existing building with a minimum construction cost of greater than two million five hundred thousand dollars ($2,000,000.00 2,500,000).

3. The purchase of an existing facility with a minimum purchase price of two million five hundred thousand dollars ($2,500,000.00).

4. Nothing in this chapter shall be deemed to permit the exemption or stabilization herein provided for any manufacturing concern relocating from one city or town within the state of Rhode Island to another and must comply with R.I. Gen. Laws Section 44-3-9; and

5. Nothing in this chapter shall be deemed transferable to another.

B. New, expanding, or existing industrial facilities must apply for designation under this tax incentive program for the new, existing or expanded construction. Further, the new, existing, or expanding business must have obtained approval for eligibility for participation in this program prior to the receipt of a certificate of occupancy from the building inspector. Application forms are available in the office of economic development.

D. At the time of the application each business must commit to the creation of jobs:

1. Existing businesses expanding their facility must increase its employment over the course of five ten (10) years.

2. New businesses moving their businesses to Cranston who either construct a new facility or purchase an existing facility must create a minimum of ten (10) jobs, and must maintain a minimum of ten (10) jobs during the entire duration of the ten (10) year period to be eligible to continue to receive the tax benefit. Thirty-three percent (33%) or more of new jobs must be for Cranston residents.

3. If the new business does not maintain the ten (10) jobs during the entire ten (10) year period then the business shall no longer be entitled to receive the tax incentive benefit and shall be taxed at the regular rate and shall immediately be removed from the tax incentive program.

4. Businesses must submit a copy of their quarterly wage and tax reports to the economic development department in the city of Cranston.

E. All participating businesses either new, existing or expanding are required to comply with all federal, state and municipal rules and regulations regarding job safety and hiring practices.

I. The mayor shall submit to the finance committee in the month of March an annual report prepared by the city planner finance director, the tax assessor and the director of economic development which will identify all businesses participating in this tax incentive program and shall verify the applicant's compliance with all provisions of this chapter. Said report shall include the amount of incentive granted to each business previously approved, the number of jobs and/or the amount of expansion created by said new businesses, and the remaining term for said incentive program for each business. Said annual report shall also include the assessed value, the taxes generated and the taxes defeased as a result of the participation in the tax incentive program for each participating business.

J. That for the entire duration of the ten (10) year tax incentive the aforementioned facility must be solely owned and operated by the recipient of said tax incentive. That if for any reason the recipient of said tax incentive vacates the aforementioned premises, abandons, or sells the facility to another entity, corporation, partnership or person, prior to the expiration of the ten (10) year tax incentive the city of Cranston shall have the right to perfect a lien, equal to the incentive amount given to date, placed upon said property pursuant to subsection (L) and (M) below. The city of Cranston shall also have the right to assess a penalty requiring the business to pay an amount equal to the total amount of the tax incentive given to the business to date.

K. That for the entire period of said tax incentive program (ten (10) years) the recipient of said tax incentive shall grant to the city of Cranston a lien encumbering said property including all improvements placed thereon, in the amount of the value of the tax incentive. Said lien shall be filed with the land evidence records of the city of Cranston.

L. The terms of said lien shall include the right of the city of Cranston to perfect a lien without further notice to recipient of said tax incentive upon the following conditions:

1. The sale of aforementioned site to any corporation, individual, partnership and the like including any other owner other than the recipient of said tax incentive.

3. The abandonment by recipient of said tax incentive of said property.

O. Upon the expiration of the ten (10) year tax incentive program and the compliance with all terms by the recipient of said tax incentive, the city of Cranston shall provide a release of the lien described herein.

(Ord. No. 2011-13, § 1, 4-25-11)

3.88.030 Tax incentive shall commence upon the issuance of certificate of occupancy or letter of completion.

A. First Year. Businesses shall pay an amount equal to ten (10) percent or more of its total real estate property tax (excluding land) for new construction, the purchase of an existing facility, or an amount equal to ten (10) percent or more of any additional real estate property tax attributable to the addition or expansion to the existing structure.

B. Second Year. Businesses shall pay an amount equal to twenty (20) percent or more of its total real estate property tax (excluding land) for new construction, the purchase of an existing facility or an amount equal to twenty (20) percent or more of any additional real estate property tax attributable to the addition or expansion to the existing structure.

C. Third Year. Businesses shall pay an amount equal to thirty (30) percent or more of its total real estate property tax (excluding land) for new construction, the purchase of an existing facility or an amount equal to thirty (30) or more percent of any additional real estate property tax attributable to the addition or expansion to the existing structure.

D. Fourth Year. Businesses shall pay an amount equal to forty (40) percent or more of its total real estate property tax (excluding land) for new construction, the purchase of an existing facility or an amount equal to forty (40) percent or more of any additional real estate property tax attributable to the addition or expansion to the existing structure.

E. Fifth Year. Businesses shall pay an amount equal to fifty (50) percent or more of its total real estate property tax (excluding land) for new construction, the purchase of an existing facility or an amount equal to fifty (50) percent or more of any additional real estate property tax attributable to the addition or expansion to the existing structure.

F. Sixth Year. Businesses shall pay an amount equal to sixty (60) percent or more of its total real estate property tax (excluding land) for new construction, the purchase of an existing facility or an amount equal to sixty (60) percent or more of any additional real estate property tax attributable to the addition or expansion to the existing structure.

G. Seventh Year. Businesses shall pay an amount equal to seventy (70) percent or more of its total real estate property tax (excluding land) for new construction, the purchase of an existing facility or an amount equal to seventy (70) percent or more of any additional real estate property tax attributable to the addition or expansion to the existing structure.

H. Eighth Year. Businesses shall pay an amount equal to eighty (80) percent or more of its total real estate property tax (excluding land) for new construction, the purchase of an existing facility or an amount equal to eighty (80) percent or more of any additional real estate property tax attributable to the addition or expansion to the existing structure.

I. Ninth Year. Businesses shall pay an amount equal to ninety (90) percent or more of its total real estate property tax (excluding land) for new construction, the purchase of an existing facility or an amount equal to ninety (90) percent or more of any additional real estate property tax attributable to the addition or expansion to the existing structure.

J. Tenth Year. Businesses shall pay an amount equal to one hundred (100) percent of its total real estate property tax (excluding land) for new construction, the purchase of an existing facility or an amount equal to one hundred (100) percent of any additional real estate property tax attributable to the addition or expansion to the existing structure.

(Ord. No. 2011-13, § 1, 4-25-11)

Chapter 3.92 FIVE-YEAR ECONOMIC DEVELOPMENT TAX INCENTIVE PROGRAM FOR COMMERCIALLY ZONED PROPERTY

3.92.010 Findings.

It is the intention of the administration and the city council to offer a tax incentive to new businesses locating in commercially zoned property within the city of Cranston, as well as to offer said incentive to existing businesses that are expanding, in an effort to retain, strengthen, expand and increase its work force within the city. After public hearing pursuant to R.I.G.L. Section 44-3-9, the city council has determined that:

A. Granting of the exemption will inure to the benefit of the city by reason of (1) willingness of commercial concerns to locate in the city; or (2) the willingness of a commercial firm to expand facilities with an increase in employment or the willingness of a commercial concern to retain its facility and its work force in the city; (3) an improvement of the physical plant of the city which will result in a long-term economic benefit to the city and state: or

B. Granting of the exemption will inure to the benefit of the city by reason of the willingness of a commercial firm or property owner to replace, reconstruct, convert, expand, retain or remodel existing buildings or facilities with modern buildings or facilities resulting in an increase or maintenance in plant investment by the firm or property owner in the city.

(Ord. No. 2011-10, § 1, 4-25-11)

3.92.020 Program description.

The city council establishes a tax incentive program for construction of new commercial facilities or the expansion of current commercial facilities in C-1, C-2, C-3, C-4 and C-5 zoned parcels in the city of Cranston. This tax incentive program shall be for a period not exceeding five years and shall be subject to the following terms and conditions.

A. Eligible projects shall include:

1. Total new construction of a commercial facility consisting of a total floor plan of a minimum of three thousand (3,000) square feet and a minimum of three employees and a minimum construction cost of five hundred thousand dollars ($500,000.00) and not to exceed two million five hundred thousand dollars ($2,000,000.00 $2,5000,000).

2. Renovation of an existing building consisting of a total floor plan of three thousand (3,000) square feet and a minimum construction cost of five hundred thousand dollars ($500,000.00) and not to exceed two million five hundred thousand dollars ($2,000,000.00 $2,5000,000).

3. Nothing in this chapter shall be deemed to permit the exemption or stabilization herein provided for any commercial concern relocating from one city or town within the state of Rhode Island to another and must comply with R.I. Gen. Laws Section 44-3-9; and

4. Nothing in this chapter shall be deemed transferable to another.

B. For purposes of this section, commercial facility or property used for commercial purposes means any building or structures used essentially for offices or commercial enterprises, including but not limited to professional office space, e.g. brokerage and investment services, medical, legal and insurance uses, and operation centers, restaurants but shall exclude any and all bank branch facilities or property used for retail sales or residential dwelling units.

C. New or expanding commercial facilities must apply for designation under this tax incentive program for the new or expanded construction. Further, the new or expanding business must have obtained approval for eligibility for participation in this program prior to the receipt of a certificate of occupancy from the building inspector. Application forms are available at the office of economic development.

D. Eligibility for participation in this tax incentive program shall require a review of the financial status of the applicant and the collective approval of the building inspector, economic development director, tax assessor, finance director, city planner or their designees, and the city council.

E. At the time of the application each business must commit to the creation of jobs of at least thirty-three percent (33%) for residents of Cranston and:

1. New businesses or existing businesses expanding their facility must commit to increasing its employment of full time W-2 employees over the course of three five (5) years.

2. Businesses must submit a copy of their quarterly wage and tax reports to the economic development department in the city of Cranston.

F. All participating businesses either new or expanding are required to comply with all federal, state and municipal rules and regulations regarding job safety and hiring practices.

G. All new or expanding business including any and all subsidiaries, affiliates, subdivisions, parents or other entities of said businesses with ten (10) percent or more common ownership, unless otherwise approved by the city council, must provide proof that all municipal taxes, fees and other assessments are paid and current and have been current for the last three years in order for said business to be eligible under this tax incentive program.

H. Notwithstanding any vote and findings by the city council, the property shall be assessed for and shall pay that portion of the tax if any assessed by the city in which the real property is located, for the purpose of paying the indebtedness of the state or any political subdivision thereof to the extent assessed upon or apportioned to the city, and the interest thereon, and for appropriation to any sinking fund of the city, 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.

I. The city planner finance director, the tax assessor, the building inspector and the director of economic development shall promulgate with city council approval such rules and regulations and provide suitable documents necessary to effect the purpose of this article.

J. The mayor shall submit to the finance committee in the month of March an annual report prepared by the city planner, the tax assessor and the director of economic development which will identify all businesses participating in this tax incentive program and shall verify the applicant's compliance with all provisions of this chapter. Said report shall include the amount of incentive granted to each business previously approved, the number of jobs and/or the amount of expansion created by said new businesses, and the remaining term for said incentive program for each business. Said annual report shall also include the assessed value, the taxes generated and the taxes defeased as a result of the participation in the tax incentive program for each participating business.

K. That for the entire duration of the five-year tax incentive the aforementioned facility must be solely owned and operated by the recipient of said tax incentive. That if for any reason the recipient of said tax incentive vacates the aforementioned premises, abandons, or sells the facility to another entity, corporation, partnership or person, prior to the expiration of the five-year tax incentive the city of Cranston shall have the right to perfect a lien equal to the incentive amount given to date, placed upon said property pursuant to subsections M and N below. The city of Cranston shall also have the right to assess a penalty requiring the business to pay an amount equal to the total amount of the tax incentive given to the business to date.

L. That for the entire period of said tax incentive program (five years) the recipient of said tax incentive shall grant to the city of Cranston a lien encumbering said property including all improvements placed thereon, in the amount of the value of the tax incentive. Said lien shall be filed with the land evidence records of the city of Cranston.

M The terms of said lien shall include the right of the city of Cranston to perfect a lien without further notice to recipient of said tax incentive upon the following conditions:

1. The sale of aforementioned site to any corporation, individual, partnership and the like including any other owner other than the recipient of said tax incentive.

3. The abandonment by recipient of said tax incentive of said property.

N. That in the event the city of Cranston perfects a tax lien due to a default of any provision contained in subsection (M) above, the city of Cranston shall be entitled to the entire amount of the lien regardless of when said default should occur. The city of Cranston may consider subordination of its lien upon a reasonable request made by either the owner of the property or their lender. Nothing contained in this chapter shall hamper, impede or prevent the financing of the property owner or the reasonable requests of the financial institutions with whom the property owner conducts business.

O. Failure to timely pay the taxes under this incentive program when due (in addition to the foreclosure remedies provided herein) will result in forfeiture of all future benefits under this program and all future taxes due to be assessed without the benefit of the incentives.

P. Upon the expiration of the five-year tax incentive program and the compliance with all terms by the recipient of said tax incentive, the city of Cranston shall provide a release of the lien described herein.

(Ord. No. 2011-10, § 1, 4-25-11; Ord. No. 2013-41, § 1, 12-16-13)

3.92.030 Tax incentive.

D. Fourth Year. Businesses shall pay an amount equal to sixty sixty-five (60 65) percent or more of its total real estate property tax (excluding land) for new construction or an amount equal to ixty sixty-five (60 65) percent or more of any additional real estate property tax attributable to the addition or expansion to the existing structure.

(Ord. No. 2011-10, § 1, 4-25-11)

Chapter 3.96 TEN (10) YEAR ECONOMIC DEVELOPMENT TAX INCENTIVE PROGRAM FOR COMMERCIALLY ZONED PROPERTY

3.96.010 Findings.

A. Granting of the exemption will inure to the benefit of the city by reason of (1) willingness of commercial concerns to locate in the city; or (2) the willingness of a commercial firm to expand facilities with an increase in employment or the willingness of a commercial concern to retain its facility in the city and not reduce substantially its work force in the city; or (3) an improvement of the physical plant of the city which will result in a long term economic benefit to the city and state; or

(Ord. No. 2011-11, § 1, 4-25-11)

3.96.020 Program description.

The city council establishes a tax incentive program for construction of new commercial facilities or the expansion of current commercial facilities in C-1, C-2, C-3, C-4 and C-5 zoned parcels in the city of Cranston. This tax incentive program shall be for a period not exceeding ten (10) years and shall be subject to the following terms and conditions.

A. Eligible projects shall include:

1. Total new construction of a commercial facility consisting of a total floor plan of a minimum of three thousand (3,000) square feet and a minimum of ten (10) employees and a minimum construction cost greater than two million five hundred thousand dollars ($2,000,000.00 2,500,000).

2. Renovation of an existing building consisting of a total floor plan of three thousand (3,000) square feet and a minimum construction cost of greater than two million five hundred thousand dollars ($2,000,000.00 2,500,000).

3. The purchase of an existing facility with a minimum purchase price of two million five hundred thousand dollars ($2,500,000.00)

4. Nothing in this chapter shall be deemed to permit the exemption or stabilization herein provided for any commercial concern relocating from one city or town within the state of Rhode Island to another and must comply with R.I. Gen. Laws Section 44-3-9; and

5. Nothing in the chapter shall be deemed transferable to another.

B. For purposes of this section, commercial facility or property used for commercial purposes means any building or structures used essentially for offices or commercial enterprises, including but not limited to professional office space, e.g. brokerage and investment services, medical, legal and insurance uses, and operation centers, bank branches, restaurants but shall exclude any and all facilities or property used for retail sales.

C. New or expanding commercial facilities must apply for designation under this tax incentive program for the new or expanded construction. Further, the new or expanding business must submit a review of the financial status for a determination of need and must have obtained approval for eligibility for participation in this program prior to the receipt of a certificate of occupancy from the building inspector. Application forms are available in the office of economic development.

D. Eligibility for participation in this tax incentive program shall require the collective approval of the economic development director, finance director, building inspector, tax assessor, city planner or their designees, and the city council.

E. At the time of the application each business must commit to the creation of jobs:

1. Existing businesses expanding their facility must commit to increasing its employment over the course of five ten (10) years.

2. New businesses moving their businesses to Cranston who either construct a new facility or purchase an existing facility must commit to creating a minimum of ten (10) jobs, and must maintain ten (10) jobs during the entire ten (10) year period to be eligible to continue to receive tax benefits.

a. New businesses or existing businesses expanding their facility must commit to increasing its employment of full time W-2 employees over the course of three five (5) years.

b. Businesses must submit a copy of their quarterly wage and tax reports to the economic development department in the city of Cranston.

3. If the new business does not maintain the ten (10) new jobs during the entire ten (10) year period then the business shall no longer be entitled to receive the tax incentive benefit and shall be taxed at the regular rates and shall immediately be removed from the tax incentive program.

4. Businesses must submit a copy of their quarterly wage and tax reports to the economic development department in the city of Cranston.

F. All participating businesses either new or expanding are required to comply with all federal, state and municipal rules and regulations regarding job safety and hiring practices.

I. The finance director city planner, the tax assessor, the building inspector and the director of economic development shall promulgate with city council approval such rules and regulations and provide suitable documents necessary to effect the purpose of this article.

K. That for the entire duration of the ten (10) year tax incentive the aforementioned facility must be solely owned and operated by the recipient of said tax incentive. That if for any reason the recipient of said tax incentive vacates the aforementioned premises, abandons, or sells the facility to another entity, corporation, partnership or person, prior to the expiration of the ten (10) year tax incentive the city of Cranston shall have the right to perfect a lien (equal to the incentive amount given to date) placed upon said property pursuant to subsections L and M below. The city of Cranston shall also have the right to assess a penalty requiring the business to pay an amount equal to the total amount of the tax incentive given to the business to date.

L. That for the entire period of said tax incentive program (ten (10) years) the recipient of said tax incentive shall grant to the city of Cranston a lien encumbering said property including all improvements placed thereon, in the amount of the value of the tax incentive. Said lien shall be filed with the land evidence records of the city of Cranston.

M. The terms of said lien shall include the right of the city of Cranston to perfect a lien without further notice to recipient of said tax incentive upon the following conditions:

1. The sale of aforementioned site to any corporation, individual, partnership and the like including any other owner other than the recipient of said tax incentive.

3. The abandonment by recipient of said tax incentive of said property.

N. That in the event the city of Cranston perfects said tax lien due to a default of any provision contained in subsection (M) above, the city of Cranston shall be entitled to the entire amount of the lien regardless of when said default should occur. The city of Cranston may consider subordination of its lien upon a reasonable request made by either the owner of the property of their lender. Nothing contained in this chapter shall hamper, impede or prevent the financing of the property owner or the reasonable requests of the financial institution with whom the property owner conducts business.

P. Upon the expiration of the ten (10) year tax incentive program and the compliance with all terms by the recipient of said tax incentive, the city of Cranston shall provide a release of the lien described herein.

(Ord. No. 2011-11, § 1, 4-25-11)

3.96.030 Tax incentive.

A. First Year. Businesses shall pay an amount equal to ten (10) percent or more of its total real estate property tax (excluding land) for new construction or an amount equal to ten (10) percent or more of any additional real estate property tax attributable to the addition or expansion to the existing structure.

B. Second Year. Businesses shall pay an amount equal to twenty (20) percent or more of its total real estate property tax (excluding land) for new construction or an amount equal to twenty (20) percent or more of any additional real estate property tax attributable to the addition or expansion to the existing structure.

C. Third Year. Businesses shall pay an amount equal to thirty (30) percent or more of its total real estate property tax (excluding land) for new construction or an amount equal to thirty (30) percent or more of any additional real estate property tax attributable to the addition or expansion to the existing structure.

D. Fourth Year. Businesses shall pay an amount equal to forty (40) percent or more of its total real estate property tax (excluding land) for new construction or an amount equal to forty (40) percent or more of any additional real estate property tax attributable to the addition or expansion to the existing structure.

E. Fifth Year. Businesses shall pay an amount equal to fifty (50) percent or more of its total real estate property tax (excluding land) for new construction or an amount equal to fifty (50) percent or more of any additional real estate property tax attributable to the addition or expansion to the existing structure.

F. Sixth Year. Businesses shall pay an amount equal to sixty (60) percent or more of its total real estate property tax (excluding land) for new construction or an amount equal to sixty (60) percent or more of any additional real estate property tax attributable to the addition or expansion to the existing structure.

G. Seventh Year. Businesses shall pay an amount equal to seventy (70) percent or more of its total real estate property tax (excluding land) for new construction or an amount equal to seventy (70) percent or more of any additional real estate property tax attributable to the addition or expansion to the existing structure.

H. Eighth Year. Businesses shall pay an amount equal to eighty (80) percent or more of its total real estate property tax (excluding land) for new construction or an amount equal to eighty (80) percent or more of any additional real estate property tax attributable to the addition or expansion to the existing structure.

I. Ninth Year. Businesses shall pay an amount equal to ninety (90) percent or more of its total real estate property tax (excluding land) for new construction or an amount equal to ninety (90) percent or more of any additional real estate property tax attributable to the addition or expansion to the existing structure.

J. Tenth Year. Businesses shall pay an amount equal to one hundred (100) percent of its total real estate property tax (excluding land) for new construction or an amount equal to one hundred (100) percent of any additional real estate property tax attributable to the addition or expansion to the existing structure.

(Ord. No. 2011-11, § 1, 4-25-11)

Chapter 3.97 FIFTEEN (150 AND TWENTY (20) YEAR ECONOMIC DEVELOPMENT TAX INCENTIVE PROGRAM FOR INDUSTRIAL ZONED PROPERTY.

3.97.010 Findings.

It is the intention of the administration and the city council to offer a real estate property tax exemption as an incentive to attract new businesses to industrial zoned property within the city of Cranston, as well as to offer such a tax exemption to existing businesses as an incentive to expand, renovate, and improve facilities located on industrial zoned property within the city of Cranston, in an effort to retain, strengthen, expand and increase both the commercial tax base and the work force within the city. After public hearing pursuant to R.I.G.L. Section 44-3-9, the city council has determined that:

A. Granting of the exemption will inure to the benefit of and result in long term economic benefit to the city by reason of (1) encouraging industrial concerns to locate in the city; (2) encouraging industrial concerns to retain and expand or improve facilities in the city; (3) promoting the development and/or redevelopment, conversion and increased availability of industrial areas within the city, including parcels that may be undevelopable or difficult to develop without substantial environmental remediation; and

B. Granting of the exemption will inure to the benefit of and result in long term economic benefit to the city by reason of the willingness of an industrial firm or property owner to construct new or to replace, reconstruct, convert, expand, retain or remodel existing buildings, facilities, machinery or equipment with modern buildings, facilities, machinery or equipment resulting in an increase or maintenance in plant or building investment by the firm or property owner in the city.

( Ord. No. 2015-33 , § 1, 11-23-15)

3.97.020 Program description.

The city council establishes a tax incentive program pursuant to which payment of real estate property taxes on the assessed value of construction of new industrial facilities or the expansion of current industrial facilities, or the purchase of existing industrial facilities, in M-1 and M-2 zoned parcels in the city (any of the foregoing, a "project") shall be exempted and phased-in over a period of time as provided herein, and shall be subject to the following terms and conditions.

A. Projects eligible for a fifteen (15) year phase-in shall include:

1. New construction of an industrial facility with a minimum acquisition/construction cost of twelve million dollars ($12,000,000.00);

2. Renovation of an existing industrial building with a minimum acquisition/construction cost of twelve million dollars ($12,000,000.00);

3. Purchase of an existing industrial facility with a minimum purchase price of twelve million dollars ($12,000,000.00); or

4. Any combination of construction, renovation, and purchase as set forth above with a minimum cost of twelve million dollars ($12,000,000.00).

B. Projects eligible for a twenty (20) year phase-in shall include:

1. New construction of an industrial facility with a minimum acquisition/construction cost of twenty million dollars ($20,000,000.00); or

2. Renovation of an existing industrial building with a minimum acquisition/construction cost of twenty million dollars ($20,000,000.00); or

3. Purchase of an existing industrial facility with a minimum purchase price of twenty million dollars ($20,000,000.00).

4. Any combination of construction, renovation, and purchase as set forth above with a minimum cost of twenty million dollars ($20,000,000.00).

C. Requirements:

1. The owner of real estate or a lessee under a long term lease pursuant to which the lessee is responsible for payment of property taxes to the city ("owner" or "applicant") may apply for approval to participate in this tax incentive program with respect to a particular project, based upon: (a) a signed purchase and sale agreement and/or lease for real property to be acquired; (b) receipt of the first level of approval for major land development by the city plan commission (e.g. master plan approval); (c) submission to the city building official of architectural design and renovation project specifications; and/or (d) a project budget demonstrating that the proposed project meets the minimum acquisition/construction cost. Lease payments shall not be included in the calculation of acquisition/construction costs of any project, with the exception of any payments for improvements made directly by a lessee which are properly included in the acquisition/construction cost of the project. The administration, acting through the director of economic development, building inspector, tax assessor and planning director shall determine the eligibility of the applicant's project for participation in the program, subject to ratification by the city council. Application forms are to be available in the office of economic development.

2. Upon the recommendation of the administration, through the director of economic development, building inspector, tax assessor and planning director, the city council shall vote to approve or disapprove the proposed project.

3. Prior to issuance of a certificate of occupancy for the project, the applicant must provide evidence of completion of the project, as approved, including evidence of payment of all acquisition/construction expenses consistent with the budget as submitted with the application. If the applicant provides evidence of completion of the project and expenditure of the minimum acquisition/construction expenses for the project consistent with the applicant's budget, the project's eligibility for the tax incentive shall commence as provided in subsection 3.97.020(D) below, subject to the other terms and conditions of this chapter. In the event the applicant fails to provide evidence of completion of the project and/or expenditure of the minimum acquisition/construction expenses for the project consistent with the applicant's budget and as otherwise required by this chapter, the tax incentive shall not apply to the project and the real estate and improvements comprising the project shall be fully taxable.

D. Notwithstanding anything to the contrary herein, in no event shall the amount of real estate property taxes payable on any real estate approved as a project eligible for the incentive provided under this chapter be less than the amount of real estate property taxes paid with respect to such real estate in the year prior to its approval as a project eligible for the tax incentive provided under this chapter. Further, the tax incentive shall apply only to buildings and improvements, and not to the assessed value of and taxes payable on the underlying land.

E. The tax incentive for a project shall commence in the city's tax year commencing after the date on which the project is complete and has been issued a certificate of occupancy. The assessed value of real estate and improvements shall be periodically adjusted in accordance with applicable law and procedures of the city.

F. Unless otherwise approved by the city council, owners (including any entity owning ten (10) percent or more of the equity interests in the owner, or as to which the owner owns ten (10) percent or more of the equity interests in such entity) of Projects must provide proof that all municipal taxes, fees and other assessments are paid and current and have been current for the preceding three years.

G. The administration, through the economic development director, building inspector, tax assessor and/or planning director, may promulgate such application forms and procedures and provide suitable documents necessary to effect the purposes of this chapter.

H. The administration shall submit to the finance committee in the month of March in each year an annual report which will identify all businesses participating in this tax incentive program and shall include each project's compliance with the requirements of this chapter. Such annual report shall include the amount of incentive granted to each project, the number of jobs and/or the amount of expansion created by said project and the remaining term for said incentive program for each project. Such annual report shall also include the assessed value, the taxes generated and the taxes exempted as a result of the participation in the tax incentive program for each participating project.

I. For the entire period of the exemption from payment of real estate property taxes for each project, the city shall have, pursuant to R.I.G.L. Section 44-9-1, a tax lien on all real estate comprising or used in the project, including all improvements placed thereon, in the amount of the aggregate amount of the taxes exempted from payment.

J. The project and owner (including any successor in interest to the applicant or original owner) shall be in default of this chapter, and the city shall be entitled to foreclose its tax lien, in the event the project ceases to be used for a qualifying industrial purpose as approved by the city council.

K. Failure to timely pay applicable taxes when due under this tax incentive program will, in addition to the foreclosure of the tax lien provided herein, result in the cessation and forfeiture of all future tax exemption benefits under this program, and all real estate property taxes assessed on property comprising or used in the project will be payable in full without the benefit of the exemption incentive.

L. Upon the expiration of the applicable phase-in period of the tax incentive program for any project and the compliance with all terms by the owner, the city shall provide a release of the lien described herein.

( Ord. No. 2015-33 , § 1, 11-23-15)

3.97.030 Fifteen (15) year tax incentive.

A. First Year. The owner of the project shall pay an amount equal to seven percent of its total real estate property tax (excluding land) assessed on the value of new construction or the purchase of an existing facility, or an amount equal to seven percent of the total real estate property tax assessed on the value of any addition to or expansion of an existing structure.

B Second Year. The owner of the project shall pay an amount equal to thirteen (13) percent of its total real estate property tax (excluding land) assessed on the value of new construction or the purchase of an existing facility or an amount equal to thirteen (13) percent of the total real estate property tax assessed on the value of any addition to or expansion of an existing structure.

C. Third Year. The owner of the project shall pay an amount equal to twenty (20) percent of its total real estate property tax (excluding land) assessed on the value of new construction or the purchase of an existing facility or an amount equal to twenty (20) percent of the total real estate property tax assessed on the value of any addition to or expansion of an existing structure.

D. Fourth Year. The owner of the project shall pay an amount equal to twenty-seven (27) percent of its total real estate property tax (excluding land) assessed on the value of new construction or the purchase of an existing facility or an amount equal to twenty-seven (27) percent of the total real estate property tax assessed on the value of any addition to or expansion of an existing structure.

E. Fifth Year. The owner of the Project shall pay an amount equal to thirty-three (33) percent of its total real estate property tax (excluding land) assessed on the value of new construction or the purchase of an existing facility or an amount equal to thirty-three (33) percent of the total real estate property tax assessed on the value of any addition to or expansion of an existing structure.

F. Sixth Year. The owner of the project shall pay an amount equal to forty (40) percent of its total real estate property tax (excluding land) assessed on the value of new construction or the purchase of an existing facility or an amount equal to forty (40) percent of the total real estate property tax assessed on the value of any addition to or expansion of an existing structure.

G. Seventh Year. The owner of the project shall pay an amount equal to forty-seven (47) percent of its total real estate property tax (excluding land) assessed on the value of new construction or the purchase of an existing facility or an amount equal to forty-seven (47) percent of the total real estate property tax assessed on the value of any addition to or expansion of an existing structure.

H. Eighth Year. The owner of the project shall pay an amount equal to fifty-three (53) percent of its total real estate property tax (excluding land) assessed on the value of new construction or the purchase of an existing facility or an amount equal to fifty-three (53) percent of the total real estate property tax assessed on the value of any addition to or expansion of an existing structure.

I. Ninth Year. The owner of the project shall pay an amount equal to sixty (60) percent of its total real estate property tax (excluding land) assessed on the value of new construction or the purchase of an existing facility or an amount equal to sixty (60) percent of the total real estate property tax assessed on the value of any addition to or expansion of an existing structure.

J. Tenth Year. The owner of the project shall pay an amount equal to sixty-seven (67) percent of its total real estate property tax (excluding land) assessed on the value of new construction or the purchase of an existing facility or an amount equal to sixty-seven (67) percent of the total real estate property tax assessed on the value of any addition to or expansion of an existing structure.

K. Eleventh Year. The owner of the project shall pay an amount equal to seventy-three (73) percent of its total real estate property tax (excluding land) assessed on the value of new construction or the purchase of an existing facility or an amount equal to seventy-three (73) percent of the total real estate property tax assessed on the value of any addition to or expansion of an existing structure.

L. Twelfth Year. The owner of the project shall pay an amount equal to eighty (80) percent of its total real estate property tax (excluding land) assessed on the value of new construction or the purchase of an existing facility or an amount equal to eighty (80) percent of the total real estate property tax assessed on the value of any addition to or expansion of an existing structure.

M. Thirteenth Year. The owner of the project shall pay an amount equal to eighty-seven (87) percent of its total real estate property tax (excluding land) assessed on the value of new construction or the purchase of an existing facility or an amount equal to eighty-seven (87) percent of the total real estate property tax assessed on the value of any addition to or expansion of an existing structure.

N. Fourteenth Year. The owner of the project shall pay an amount equal to ninety-three (93) percent of its total real estate property tax (excluding land) assessed on the value of new construction or the purchase of an existing facility or an amount equal to ninety-three (93) percent of the total real estate property tax assessed on the value of any addition to or expansion of an existing structure.

O. Fifteenth Year. The owner of the project shall pay an amount equal to one hundred (100) percent of its total real estate property tax (excluding land) assessed on the value of new construction or the purchase of an existing facility or an amount equal to one hundred (100) percent of the total real estate property tax assessed on the value of any addition to or expansion of an existing structure.

( Ord. No. 2015-33 , § 1, 11-23-15)

3.97.040 Twenty (20) year tax incentive.

A. First Year. The owner of the project shall pay an amount equal to five percent of its total real estate property tax (excluding land) assessed on the value of new construction or the purchase of an existing facility, or an amount equal to five percent of the total real estate property tax assessed on the value of any addition to or expansion of an existing structure.

B. Second Year. The owner of the project shall pay an amount equal to ten (10) percent of its total real estate property tax (excluding land) assessed on the value of new construction or the purchase of an existing facility or an amount equal to ten (10) percent of the total real estate property tax assessed on the value of any addition to or expansion of an existing structure.

C. Third Year. The owner of the project shall pay an amount equal to fifteen (15) percent of its total real estate property tax (excluding land) assessed on the value of new construction or the purchase of an existing facility or an amount equal to fifteen (15) percent of the total real estate property tax assessed on the value of any addition to or expansion of an existing structure.

D. Fourth Year. The owner of the project shall pay an amount equal to twenty (20) percent of its total real estate property tax (excluding land) assessed on the value of new construction or the purchase of an existing facility or an amount equal to twenty (20) percent of the total real estate property tax assessed on the value of any addition to or expansion of an existing structure.

E. Fifth Year. The owner of the project shall pay an amount equal to twenty-five (25) percent of its total real estate property tax (excluding land) assessed on the value of new construction or the purchase of an existing facility or an amount equal to twenty-five (25) percent of the total real estate property tax assessed on the value of any addition to or expansion of an existing structure.

F. Sixth Year. The owner of the project shall pay an amount equal to thirty (30) percent of its total real estate property tax (excluding land) assessed on the value of new construction or the purchase of an existing facility or an amount equal to thirty (30) percent of the total real estate property tax assessed on the value of any addition to or expansion of an existing structure.

G. Seventh Year. The owner of the project shall pay an amount equal to thirty-five (35) percent of its total real estate property tax (excluding land) assessed on the value of new construction or the purchase of an existing facility or an amount equal to thirty-five (35) percent of the total real estate property tax assessed on the value of any addition to or expansion of an existing structure.

H. Eighth Year. The owner of the project shall pay an amount equal to forty (40) percent of its total real estate property tax (excluding land) assessed on the value of new construction or the purchase of an existing facility or an amount equal to forty (40) percent of the total real estate property tax assessed on the value of any addition to or expansion of an existing structure.

I. Ninth Year. The owner of the project shall pay an amount equal to forty-five (45) percent of its total real estate property tax (excluding land) assessed on the value of new construction or the purchase of an existing facility or an amount equal to forty-five (45) percent of the total real estate property tax assessed on the value of any addition to or expansion of an existing structure.

J. Tenth Year. The owner of the project shall pay an amount equal to fifty (50) percent of its total real estate property tax (excluding land) assessed on the value of new construction or the purchase of an existing facility or an amount equal to fifty (50) percent of the total real estate property tax assessed on the value of any addition to or expansion of an existing structure.

K. Eleventh Year. The owner of the project shall pay an amount equal to fifty-five (55) percent of its total real estate property tax (excluding land) assessed on the value of new construction or the purchase of an existing facility or an amount equal to fifty-five (55) percent of the total real estate property tax assessed on the value of any addition to or expansion of an existing structure.

L. Twelfth Year. The owner of the project shall pay an amount equal to sixty (60) percent of its total real estate property tax (excluding land) assessed on the value of new construction or the purchase of an existing facility or an amount equal to sixty (60) percent of the total real estate property tax assessed on the value of any addition to or expansion of an existing structure.

M. Thirteenth Year. The owner of the project shall pay an amount equal to sixty-five (65) percent of its total real estate property tax (excluding land) assessed on the value of new construction or the purchase of an existing facility or an amount equal to sixty-five (65) percent of the total real estate property tax assessed on the value of any addition to or expansion of an existing structure.

N. Fourteenth Year. The owner of the project shall pay an amount equal to seventy (70) percent of its total real estate property tax (excluding land) assessed on the value of new construction or the purchase of an existing facility or an amount equal to seventy (70) percent of the total real estate property tax assessed on the value of any addition to or expansion of an existing structure.

O. Fifteenth Year. The owner of the project shall pay an amount equal to seventy-five (75) percent of its total real estate property tax (excluding land) assessed on the value of new construction or the purchase of an existing facility or an amount equal to seventy-five (75) percent of the total real estate property tax assessed on the value of any addition to or expansion of an existing structure.

P. Sixteenth Year. The owner of the project shall pay an amount equal to eighty (80) percent of its total real estate property tax (excluding land) assessed on the value of new construction or the purchase of an existing facility or an amount equal to eighty (80) percent of the total real estate property tax assessed on the value of any addition to or expansion of an existing structure.

Q. Seventeenth Year. The owner of the project shall pay an amount equal to eighty-five (85) percent of its total real estate property tax (excluding land) assessed on the value of new construction or the purchase of an existing facility or an amount equal to eighty-five (85) percent of the total real estate property tax assessed on the value of any addition to or expansion of an existing structure.

R. Eighteenth Year. The owner of the project shall pay an amount equal to ninety (90) percent of its total real estate property tax (excluding land) assessed on the value of new construction or the purchase of an existing facility or an amount equal to ninety (90) percent of the total real estate property tax assessed on the value of any addition to or expansion of an existing structure.

S. Nineteenth Year. The owner of the project shall pay an amount equal to ninety-five (95) percent of its total real estate property tax (excluding land) assessed on the value of new construction or the purchase of an existing facility or an amount equal to ninety-five (95) percent of the total real estate property tax assessed on the value of any addition to or expansion of an existing structure.

T. Twentieth Year. The owner of the project shall pay an amount equal to one hundred (100) percent of its total real estate property tax (excluding land) assessed on the value of new construction or the purchase of an existing facility or an amount equal to one hundred (100) percent of the total real estate property tax assessed on the value of any addition to or expansion of an existing structure.

( Ord. No. 2015-33 , § 1, 11-23-15)

Section 2. This ordinance shall take effect upon its final adoption.