[1]
Editor's Note: Sections 1 — 3 of Ord. No. 01-17 stated "The Tax Stabilization Program for Highland II Corporate Park be extended for a period of two years up to and including September 30, 2005; for all those lots located at Highland II Corporate Park identified in Ordinance 97-20 not sold as of September 30, 2003.
"The provision of this ordinance shall apply only to those
lots at Highland II Corporate Park sold during the extension period,
October 1, 2003 through September 30, 2005.
"The tax stabilization period and benefits thereunder afforded
to those parcels of land sold during the extension period will expire
on October 1, 2013 regardless of the date of issuance of the certificate
of occupancy."
Section 10 of Ord. No. 97-20 stated: "This ordinance shall
automatically expire on September 30, 2003, unless otherwise extended
by the Cumberland Town Council. Tax stabilization plans awarded under
the provisions of this ordinance shall remain in full force beyond
any such expiration date thereof."
[Ord. No. 97-20, § 1, 8-6-1997]
The Town Council of the Town of Cumberland, Rhode Island, agrees
to the establishment and implementation of a program of tax stabilization
for persons, companies, corporations or other business entities acquiring
and/or constructing structures at the Highland II Corporate Park and
improvements thereupon, and the operation and maintenance of a commercial,
industrial, office or manufacturing facility thereupon.
[Ord. No. 97-20, § 2, 8-6-1997]
In lieu and in consideration of any payment of municipal taxes based upon the ordinary and regular assessment of the real and tangible property at the Corporate Park, the Town Council agrees to an annual payment, payable at the ordinary and regular tax payment time, and thereto according to that same and similar schedule of payments, an amount equal to that shown in § 36-133 hereinafter, and, that the Town Assessor is hereby directed to forego the assessment of such real property as would otherwise require assessment and taxation thereupon in consideration of this article according to the provisions enumerated and per the schedule outlined in § 36-133 hereinbelow.
[Ord. No. 97-20, § 3, 8-6-1997; Ord. No. 01-17, §§ 4 — 6, 7-18-2001]
In lieu of the normal assessment of real estate and tangible
property and taxation thereupon and as part of the program of tax
stabilization for the Corporate Park, the Town Council directs the
assessment as follows against property in the Corporate Park, beginning
with the first tax year of ownership by owners other than the Highland
Corporate Venture of property more particularly described as Cumberland
Assessor's Plat 51, lots 38, 39, 40, 41, 42, 43, 44, 45, 47, 48, 50,
51, 52, 53, 54, 55, 56, 57, 58 and 59, and Cumberland Assessor's Plat
52, Lots 358, 359, 360, 361, 362, 363, 364, 365 and 366 and as shown
thereafter. The payment in-lieu assessment shall be as described hereinbelow.
The amount of the payment in-lieu shall be determined by assessing
the rate described hereinbelow and by applying the assessment methodology
also described hereinbelow.
(1)
Tax rate established. The tax rate to be assessed against the valuation
to be established shall be the annual tax rate as established by resolution
by the Town Council in accordance with the provisions of the Cumberland
Town Charter and applicable state law, during the year in which the
buildings upon the land are completed. Such tax rate shall remain
fixed for the ten-year period of any tax stabilization grant assigned
under this article.
(2)
Valuation established.
a.
Land values shall be established by the tax assessor in the manner
ordinarily applied to such property in accordance with generally accepted
assessment practices and guidelines. Land values shall remain fixed
in accordance with the provisions of Subsection (2)b below and shall
only be adjusted accordingly.
b.
Building values shall be fixed in accordance with the "fixed schedule of values" established herein. Buildings and land shall be taxed at 100% of their value in the year in which the building is completed at the rate then in effect as outlined in subsection 36-133(1) hereinabove and the value established hereinunder. Such initial valuation shall remain fixed for four additional years. At the end of the fifth year, the total tax levy shall be increased by 5%. This adjusted tax payment shall be the amount due annually through the tax billing fiscal year 2013.
c.
Tangible property owned by persons, companies, corporations, partnerships
or other legal entities and located within the Corporate Park shall
not be assessed.
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All purchasers of land during the extension period established by Ordinance No. 01-17 shall be assessed a partial tangible property tax. Such tax will be consistent with the Town of Cumberland Annual Tangible Property Declaration minus Section 2 (computer and miscellaneous equipment).
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(3)
Fixed schedule of values.
a.
Generally. The valuation attributed to individual buildings in the
Corporate Park, whether principal or accessory buildings, shall be
established by the Town Assessor using the following schedules of
values:
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Single-Story Manufacturing Building
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|---|---|---|
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Building Type By Size
(square feet)
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Square Foot Construction Cost
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12,000 or less
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$69.96
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12,001 to 18,000
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$55.65
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18,001 to 24,000
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$53.78
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24,001 to 30,000
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$50.63
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30,001 to 36,000
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$49.66
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36,001 to 42,000
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$48.45
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42,001 to 48,000
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$47.85
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48,001 to 54,000
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$46.99
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54,001 and more
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$46.28
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|
High-Bay Manufacturing Building With 2-Story Offices
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|---|---|---|
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Building Type By Size
(square feet)
|
Square Foot Construction Cost
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|
10,000
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$55.16
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|
10,001 to 15,000
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$47.81
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15,001 to 20,000
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$46.69
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20,001 to 25,000
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$45.08
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25,001 to 30,000
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$42.08
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30,001 to 35,000
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$41.03
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35,001 to 40,000
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$40.28
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40,001 to 50,000
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$39.19
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50,000 or more
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$37.50
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1- to 3-Story Office Building
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|---|---|---|
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Building Type By Size
(square feet)
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Square Foot Construction Cost
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10,000 or less
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$69.64
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|
10,001 to 22,000
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$59.48
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22,001 to 34,000
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$54.08
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34,001 to 46,000
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$52.39
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46,000 [46,001] to 58,000
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$50.21
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58,001 to 63,000
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$49.80
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63,001 to 68,000
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$49.31
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73,001 to 78,000
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$48.98
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78,000 and more
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$48.68
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b.
During extension period. The valuation attributed to individual buildings
in the Highland II Corporate Park, whether principal or accessory
buildings shall be established by the Town Assessor using the following
schedules of values to be applied only to those parcels sold during
the extension period:
|
Single-Story Manufacturing Building
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|---|---|---|
|
Building Type By Size
(square feet)
|
Square Foot Construction Cost
| |
|
12,000 or less
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$80.45
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|
12,001 to 18,000
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$64.00
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18,001 to 24,000
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$61.85
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24,001 to 30,000
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$58.22
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30,001 to 36,000
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$57.11
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36,001 to 42,000
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$55.72
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42,001 to 48,000
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$55.03
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48,001 to 54,000
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$54.04
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54,001 and more
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$53.22
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|
High-Bay Manufacturing Building With 2-Story Offices
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|---|---|---|
|
Building Type By Size
(square feet)
|
Square Foot Construction Cost
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|
10,000
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$63.43
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10,001 to 15,000
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$54.98
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15,001 to 20,000
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$53.69
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20,001 to 25,000
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$51.84
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25,001 to 30,000
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$48.39
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30,001 to 35,000
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$47.18
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35,001 to 40,000
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$46.32
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40,001 to 50,000
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$45.07
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50,000 and more
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$43.13
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|
1- to 3-Story Office Building
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|---|---|---|
|
Building Type By Size
(square feet)
|
Square Foot Construction Cost
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|
10,000 or less
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$80.09
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10,001 to 22,000
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$68.40
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22,001 to 34,000
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$62.19
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34,001 to 46,000
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$60.25
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46,001 to 58,000
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$57.74
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[Ord. No. 97-20, § 4, 8-6-1997]
During the 11th year the normal and regular assessment of the
Town Assessor shall apply to any and all property owned by any person,
company, corporation or other legal entity qualified and operating
under a tax stabilization plan and it shall be assessed in like manner
of all property within the Town and shall be taxed as real property
at the tax rate then prevailing.
[Ord. No. 97-20, § 5, 8-6-1997]
Qualification under, and/or participation in, any tax stabilization
program, established under the provisions of this article shall not
effect in any manner the qualifications for, or entitlement to, any
other tax reduction or abatement benefit to which the owner of the
property, or any business entity operating therefrom shall otherwise
be entitled.
[Ord. No. 97-20, § 6, 8-6-1997]
Cessation of operations at any individual property to which
a tax stabilization plan was awarded shall be cause for termination
of the tax stabilization plan for that property at the option of the
Town.
[Ord. No. 97-20, § 7, 8-6-1997]
Firms making payments under the provisions of this article shall
agree to give reasonable consideration to residents of the Town who
may be equally qualified from the pool of available candidates.
[Ord. No. 99-22, § 1, 8-4-1999; Ord. No. 99-49, § 1, 1-19-2000]
Lot 57 as one site, and Lots 22, 24 and 26 together as one site, all on tax assessor's Plat 51 shall be taxed in the manner provided in § 36-133 of this article with the following exceptions:
(1)
Payment of taxes. The buildings and land comprising Lot 57 as one
site, and Lots 22, 24 and 26 together as one site, shall be assessed
at 100% of their value in the year in which the building is completed.
These two sites will be taxed at the rate then in effect as provided
in this article and at the value established by the fixed schedule
of values as provided in this article. This valuation shall remain
fixed for 10 years and the taxes assessed on these two sites shall
be payable as follows:
|
Year
|
Percent of Assessed Taxes to be Paid
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|---|---|---|
|
1*
|
0%
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2
|
20%
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3
|
40%
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4
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60%
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5
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80%
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6
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100%
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7
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100%
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8
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100%
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9
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100%
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10
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100%
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NOTES:
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|---|---|---|
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*
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Year 1 is the year in which the building is completed. In addition
to the benefits provided hereunder, Lot 57 as 1 site, and Lots 22,
24 and 26 together as one site, shall be entitled to all other benefits
and subject to the same responsibilities as established under any
other applicable Town ordinance.
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