§ 44-5-2.2. West Warwick - Maximum levy. (a) Findings. The general assembly makes the following findings of fact:

(1) Various sections of several towns in the state, including, but not limited to, the town of West Warwick, are deteriorated, blighted areas which have created very difficult challenges to economic development;

(2) Several areas of the state are in a distressed financial condition as defined by Rhode Island general laws subdivisions 45-13-13(b)(1) - (4) and cannot finance economic development projects on its own without the participation of private enterprise;

(3) The general assembly has found that it is nearly impossible for private enterprise alone to meet such challenges;

(4) In certain sections of financially distressed communities, the serious challenges of economic development and/or redevelopment have not been met by private enterprise alone and the impact is being felt throughout the community;

(5) Legislation enacted to encourage redevelopment of such deteriorated, blighted areas of success in generating economic development through the formation of local redevelopment agencies has had very limited success;

(6) A great deal of success in generating economic development has been realized by exercising the authority to use tax incremental financing;

(7) Most recently, municipalities in our state have had great success in attracting large commercial development, including financial services, manufacturing, and major energy facilities, due in large part to the authority to exempt and/or stabilize property, tangible and/or inventory taxes;

(8) Attracting large non-residential developments or encouraging expansion of existing commercial entities can be extremely important to municipalities, where the quality of public education is largely dependent on the local tax base, thereby expanding the commercial tax base and reducing reliance upon the residential tax base;

(9) The ability to attract such development and increase the non-residential tax base, in turn, improves municipalities' ability to finance school systems, municipal services and infrastructure, thereby improving the quality of life;

(10) In addition to increasing the local non-residential tax base, such development creates construction jobs, permanent jobs, and spurs additional investment by private enterprises; and

(11) Providing authority to offer tax increment areas will attract and assist in expanding, revitalizing and redeveloping the tax base in our municipalities, thereby providing long-term economic benefits and development.

(b) Notwithstanding any other provisions of this chapter, any tax increment generated from a tax increment area designated by the town of West Warwick in connection with the development and construction of a hotel/water park to be located in the West Warwick business park and which is designated for infrastructure improvements or any current and/or future debt service in accordance with the rules and regulations of the state department of revenue shall be excluded from the maximum tax a city or town may levy pursuant to the provisions of § 44-5-2 of the general laws.

History of Section. (P.L. 2008, ch. 351, § 1.)