(a)  Except as provided in this section, the city council of the city of Woonsocket may vote to authorize, for a period not exceeding twenty (20) years, and subject to the conditions provided in this section, to exempt from payment, in whole or in part, real and personal qualifying property, or to determine a stabilized amount, of taxes to be paid on account of the qualifying property located within a district designated by the city council, notwithstanding the valuation of the property or the rate of tax; provided, that after a public hearing, at least ten (10) days’ notice of which shall be given in a newspaper having a general circulation in the city, the city council determines that designation of the district and granting of the exemption or stabilization for qualifying property located in the city will inure to the benefit of the city by reason of the willingness of owners of qualifying property to replace, reconstruct, expand, or remodel existing buildings, facilities, machinery, or equipment with modern buildings, facilities, fixtures, machinery, or equipment, or to construct new buildings or facilities or acquire new machinery or equipment for use in such buildings or facilities, resulting in an increase in investment by such owners in the city.

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(b)  For purposes of this section, “qualifying property” means any building or structures used or intended to be used essentially for offices or commercial enterprises or for residential purposes.

(c)  Except as provided in this section, property, the payment of taxes on which has been so exempted or which is subject to the payment of a stabilized amount of taxes, shall not, during the period for which the exemption or stabilization of the amount of taxes is granted, be further liable to taxation by the city so long as that property is used or intended to be used for the manufacturing, commercial, or residential purposes for which the exemption or stabilized amount of taxes was made.

(d)  Notwithstanding any vote and findings by the city council, the property shall be assessed for and shall pay that portion of the tax, if any, assessed by the city, for the purpose of paying the indebtedness of the city and the indebtedness of the state or any political subdivision of the state to the extent assessed upon or apportioned to the city, and the interest on the indebtedness, and for appropriation to any sinking fund of the city, which portion of the tax shall be paid in full, and the taxes so assessed and collected shall be kept in a separate account and used only for that purpose.