(A) (Conn. Gen. Stat., § 12-65h). Subsequent to an affirmative vote of the Legislative Council, the town (through the Mayor) may enter into a written agreement with any party that owns or proposes to acquire an interest in real property, or with any party owning or proposing to acquire an interest in air space in the town, or with any party who is the lessee of, or who proses to be the lessee of, air space in the town in such a manner that the airspace leased or proposed to be leased shall be assessed to the lessee pursuant to Conn. Gen. Stat., § 12-64, in an appropriately zoned area, upon which is located or proposed to be located a manufacturing facility, as defined in Conn. Gen. Stat., § 12-81(72), fixing the assessment of the personal property located within the facility which is the subject of the agreement. The increased portion of the assessment of personal property in that facility may be deferred depending on the net increase in personal property.
AMOUNT OF NET INCREASE IN ASSESSED VALUE OF PERSONAL PROPERTY
| PERCENT DEFERRED OF THE INCREASED PORTION OF THE ASSESSMENT
| TIME PERIOD
| PAY BACK PERIOD
|
$3 million plus | 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 $3,000,000 | year 1 - to maximum of 70% year 2 - to maximum of 70% | 2 years | 5 years |
$25,000 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 |
(B) Payback period. If an owner or lessee 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 annually.
(C) 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.
(D) Effective date of deferral. Deferrals for increased assessments on personal property granted under this section shall commence on October 1 of the year following the purchase and declaration to the Assessor of such personal property.
(Ord. 428, passed 12-4-00; Am. Ord. 446, passed 10-1-01; Am. Ord. 510, passed 2-7-05; Am. Ord. 562, passed 7-7-08; Am. Ord. 613, passed 1-3-12; Am. Ord. 654, passed 1-5-15)
Statutory reference:
Authority, see Conn. Gen. Stat., § 12-65h