§ 123.09 REAL PROPERTY TAX INCENTIVES FOR REHABILITATION AREAS.
 
COST OF IMPROVEMENTS
PERCENT DEFERRED OF THE INCREASED ASSESSMENT
TIME PERIOD
PAY BACK PERIOD
(for businesses located or locating in a Neighborhood Revitalization Zone)
Over $3 million
year 1 - to maximum of 70%
year 2 - to maximum of 70%
year 3 - to maximum of 70%
year 4 - to maximum of 70%
year 5 - to maximum of 70%
5 years
10 years
$500,000 to
$2,999,999
year 1 - to maximum of 100%
year 2 - to maximum of 100%
2 years
5 years
$50,000 to $499,999
year 1 - to maximum of 50%
year 2 - to maximum of 50%
year 3 - to maximum of 50%
3 years
5 years
 
   (A)   Payback period. If the owner receiving the incentive substantially reduces its operations on its real property, attempts to assign its rights under this agreement, or sells or otherwise transfers the real estate during the relevant payback period noted above, the town may terminate the incentive program and may require full pay back of all deferred taxes. In order to maintain eligibility the town may require property owners to submit eligibility affidavits annually.
   (B)   Any tax agreement entered into pursuant to this policy shall be recorded in the Hamden land records and shall constitute a priority lien against the property benefited until the conditions of the tax abatement have been fulfilled and the agreement has expired. Upon default under the terms of the agreement, or material misrepresentation in the application, the taxes abated shall immediately become due and payable, with interest as provided by law, and may be liened; and the lien may be foreclosed in the same manner as provided by law for tax property liens generally.
   (C)   Effective date for deferrals. Assessment deferrals on real property made under this section shall commence on the October 1 Grand List following the issuance of a certificate of occupancy from the Building Department.
(Ord. 654, passed 1-5-15)
Statutory reference:
   Authority, see Conn. Gen. Stat., § 12-65e