(A) In order to qualify for the exemption referred to in § 39.01, the employer must meet the following criteria:
(1) Provide a written detail of the jobs that have been created (including job description);
(2) Allow an audit of employees to confirm employment levels, residency, wages, etc.;
(3) Sign a contract with the town committing to retention of each job for a duration equal to the time period for which the exemption is being sought;
(4) Have created and implemented new jobs after January 1, 2003;
(5) File an annual report no later than March 15 on forms provided by the Tax Assessor; and
(6) File a timely annual account with the Tax Assessor pursuant to R.I. Gen. Laws § 44-5-15.
(B) Should an employer fail to meet their obligations during the exemption period, the town shall attach the property to recapture tax funds equal to the reduction that was granted.
(C) In a case where a company owns more than one property in Middletown, the company shall identify in its application the property to which the exemption will apply. Even if jobs are created at more than one location, only one property will be eligible for the exemption. The exemption shall be applied to the location where the majority of the eligible jobs are located.
(D) Should a business/property owner sell the business and/or property, sublet or reorganize the business, the tax incentives shall be held in abeyance until agreed by the Town Council that the originally agreed upon conditions have been met and are transferable.
(Ord. passed 3-18-96; Am. Ord. passed 10-6-03; Am. Ord. 2019-1, passed 1-22-19)