(A) (1) A building development privilege tax of $300 per single family dwelling units; $100 per multi-family apartment and $100 per room for hotel and motels; $.15 per square foot for all retail buildings; $.10 per square foot for all office buildings and $.10 per square foot for the office areas of all industrial warehousing and storage buildings and $.01 per square foot for the warehousing and storage portions of industrial buildings be assessed on each new building and shall be paid at the execution of a development agreement authorizing such construction.
(2) If the amount of the privilege tax paid at the time of execution of a development agreement is found to be incorrect upon approval by the Town of final plans, the parties shall make an appropriate adjustment between themselves.
(B) Square footage for the purpose of this section shall be measured from the centerline of all walls and shall include both heated and unheated areas of such improvements.
(C) The building development privilege tax shall be assessed and collected upon the issuance of any development agreement for structures within the Town.
(D) The proceeds from this building development privilege tax shall be deposited in the Town general funds.
(E) If any division or specific provision of this section is found by a court of competent jurisdiction to be invalid for any reason, the decision of the court shall not affect the validity of any other section, provision or standard of this section except the provision in question. The other portions of this section not affected by such decision of the court shall remain in fill force and effect.
(Ord. 2020-06, passed 9-14-20)