§ 42-63.5-3. Property taxes. (a) Notwithstanding the provisions of any other general or special law to the contrary, the EDC and the City are authorized to enter into and execute a tax treaty agreement with the developer with respect to all real and personal property taxes or payments in lieu of these taxes which relate to the Providence Place Project, including, without limitation, the real property which constitutes the Project Site, and including the real and personal property of owners, tenants, and occupants of the Project Site, as well as provisions dealing with the revitalization of the downtown district of the City and the development of the Capital Center District of the City and any other matters and terms, without limitation, as both the EDC and the City shall deem advisable. The tax treaty agreement shall provide, among other things, for: (i) the stated term set forth in paragraph (ii) below, (ii) fixing the amount of tax payments or payments in lieu of tax due for each year of the term as set forth in the following Schedule A:

SCHEDULE A

**to be adjusted by the CPI over the prior year

and (iii) dedicating one hundred percent (100%) of the payments during the first (20) twenty years in which the payments are required, and ninety percent (90%) during the next ten (10) years in which the payments are required to the amortization of costs incurred to finance or refinance the construction and development of the Providence Place Garage on which the City will hold an option to acquire a one-half (1/2) interest for nominal consideration upon substantially the same terms as the State's option described in § 42-63.5-4, the payments (together with liens related thereto and the rights to enforce the liens) to be made or assigned directly to the lender or lenders or trustees for the lenders (as designated from time to time by the developer) which are providing the original or subsequent financing or refinancing of the Providence Place Garage (which may be separate or combined with the financing for the Mall portion of the Providence Place Project), for any period during the term of the agreement that the then outstanding amount of principal, interest or other charges remaining due under this financing or refinancing is equal to or greater than the last amount of the payments, and (iv) dedicating ten percent (10%) of the payment during the ten (10) years in which the payments are made to the city of Providence.

(b) The tax treaty agreement described in this section is subject to the approval of the city council of the city of Providence.

History of Section. (P.L. 1995, ch. 400, § 1.)