The Smithfield Town Council convened on December 10, 2024, to discuss several key issues, primarily focusing on a proposed tax stabilization agreement for a new business in the area. The meeting began with a presentation from representatives of a company seeking to establish operations in Smithfield, which is projected to begin in July 2027.

The representatives outlined their request for a 20-year tax stabilization agreement, which includes an initial term of 15 years with a potential extension of 5 years. This request raised questions among council members regarding the town's existing ordinance, which currently allows for a maximum of 10 years of tax stabilization. Matt Hambanke from PricewaterhouseCoopers clarified that the proposed agreement was designed to align with the lease term of the property.

Council members expressed concerns about the length of the agreement, noting that significant capital investments typically occur within the first decade. Discussions included the possibility of amending the ordinance to accommodate the requested 20-year agreement, with some members suggesting a compromise that could involve a 10-year agreement with extensions.

State Senator David Takoy addressed the council, highlighting recent legislative changes that enable Smithfield to pursue longer tax stabilization agreements. He confirmed that the enabling legislation, which he sponsored, allows for a 20-year agreement, reflecting the town council's earlier requests.

Jim Bennett, president of the Commerce Corporation in Rhode Island, also spoke, emphasizing the importance of attracting businesses to the state. He noted the challenges faced in the Northeast and praised the collaborative efforts of local leaders to expedite the process for new companies. Bennett highlighted the potential economic benefits, including high-paying jobs, as the company is expected to offer positions with an average salary of around $110,000.

The meeting concluded with a sense of optimism regarding the potential for economic growth in Smithfield, contingent upon the successful negotiation of the tax stabilization agreement and possible amendments to the town's ordinance. The council plans to continue discussions on this matter in future meetings, with a public hearing on potential ordinance changes anticipated.