The text
(a)
To be eligible for a stabilization agreement under this article, the property to be stabilized must be part of a development project that meets the following criteria:
(1)
The development project must located entirely within the Warwick Intermodal District, as set forth in section 74-148(c), as amended, herein.
(2)
The development project must have a project cost of construction of not less than $5,000,000.00.
(3)
The project must be compliant with the city centre master plan, as amended, and section 507 of the city zoning ordinance entitled "Warwick Station Development District" (inclusive), as well as the table 1 use regulations "intermodal" zoning for uses allowed within the district along with any provisions of the zoning ordinance regulating the use of the project.
(4)
If the development project is eligible because it is located within the Warwick Historic District, the development project must also satisfy at least two of the three eligibility criteria: (i) the redevelopment of the existing structure(s) within the Warwick Historic District shall also be set forth as a goal of the city in the City of Warwick Comprehensive Plan 2013-2033; (ii) the redevelopment involves the preservation of a significant contributing structure within the Warwick Historic District; and (iii) the development project has secured tax credits under the Rebuild Rhode Island Tax Credit Programs defined herein and/or the Rhode Island Historic Tax Credit Act, R.I. G.L. §44-3.6-1 et. seq.
(b)
Construction of a development project receiving a tax stabilization agreement must begin construction within 12 months and must be completed within 36 months of the effective date of the stabilization agreement.
(c)
No development project which includes, but is not limited to, a proposed use, business, or commercial operation relocating a facility from a city or town within the state to Warwick shall be eligible for a tax stabilization agreement under this article. Additionally, there shall be a committee to review compliance with this anti-cannibalization clause comprised of the director of city planning, the city tax assessor and the city council finance chair or his or her designee.
(d)
Any applicant for tax stabilization pursuant to this article must be current on all tax, user fees and any other payments owed to the city and otherwise in good standing to operate as a business in the state as of the time of application for a tax stabilization agreement.
(e)
This tax stabilization program shall end on December 15, 2027. No application for a tax stabilization program shall be accepted after that date.
(Ord. No. O-16-13, § 1, 6-8-16; Ord. No. O-16-26, § I, 10-19-16)