(a) The town council of the town of Burrillville may, by an ordinance pursuant to the home rule charter of the town of Burrillville, exempt from taxation the real property situated in that town and owned and/or occupied or otherwise controlled by the Industrial Foundation of Burrillville.
(b) The town of Burrillville may impose any conditions or other requirements for the exemption of taxation upon the Industrial Foundation of Burrillville upon its dissolution as a nonprofit corporation or upon fulfillment of its chartered purpose.
(c) The exemption if adopted by the town of Burrillville may be retroactive to December 31, 1986.