Sec. 74-147. - Declaration of purpose and findings.

(a)

The city council has the authority, pursuant to the relevant provisions of G.L. § 44-3-9, as amended, to exempt from tax payment, in whole or in part, real and personal property which has undergone environmental remediation, is historically preserved, or is used for affordable housing, manufacturing, commercial or residential purposes, or to determine a stabilized amount of taxes to be paid on account of the property, notwithstanding the valuation of the property or the rate of tax.

(b)

The city council has determined that Warwick Intermodal District is a priority economic development opportunity for Warwick in that the presence of intermodal transportation in the district presents an opportunity for high-value, high-quality, mixed-use growth.

(c)

The city council has determined that in order to increase the pace of economic development and redevelopment in the Warwick Intermodal District, and thereby increase the city's tax base, it is vital that the city provide property developers, entrepreneurs and investors with a predictable tax phase-in plan that will encourage investment in the Warwick Intermodal District. The city council finds and declares further that it is in the public interest to develop a set of clear criteria for eligibility for tax stabilization, as well as a defined long-term plan to bring a project to full taxation. Accordingly, the city council finds that granting the stabilization provided for in this article will inure to the benefit of the city by reason of, but not limited to, the following:

1.

Increasing the willingness of residential, commercial, hospitality and mixed-use developers to locate in the Warwick Intermodal District;

2.

Increasing the willingness of business dependent and business efficient facilities to locate and expand with an increase in employment or the willingness of commercial, mixed-use and hospitality business development to locate, retain or expand its facility in Warwick and not substantially reduce its work force in Warwick;

3.

Resulting in improvement of the physical and infrastructure assets of a key intermodal area in Warwick which will result in a long-term economic benefit to Warwick; and

4.

Increasing the willingness of mixed-use commercial, hospitality and residential developers and property owners to construct new or to replace, reconstruct, convert, expand, retain or remodel existing buildings, facilities, with modern buildings, facilities, fixtures, equipment resulting in residential housing, hospitality and/or mixed use commercial building investment in Warwick's Intermodal District.

(d)

The city council in adopting the City of Warwick Comprehensive Plan 2013-2033 and in enacting a Historic Overlay Zoning District in the City of Warwick Code of Ordinances, Appendix A, Zoning, as amended, has determined that the redevelopment of certain existing structures within the City of Warwick's Historic Districts also satisfies the purposes and qualifies for the findings set forth above.

(Ord. No. O-16-13, § 1, 6-8-16; Ord. No. O-16-26, § I, 10-19-16)