The Mayor may, by resolution enacted by majority vote of the Legislative Council, enter into contracts for the town with owners of low- or moderate-income housing granting abatement, in whole, or in part, of the real property taxes of such housing; provided, that such abatement need be not be conditioned upon receipt of state reimbursement to the town for such abatement; and provided, further that each such contract shall require that the owner apply the money equivalent of the taxes abated to one or more of the following specified purposes; (1) to reduce rents below the levels which would be achieved in the absence of abatement and to improve the quality and design of such housing; (2) to effect occupancy by persons and families of varying income levels, within limits determined by the Commissioner of Economic and Community Development by regulation; or (3) to provide necessary related facilities or services in such housing. Such abatement shall be made pursuant to a contract between the town and the owner of any such housing, which contract shall provide the terms of such abatement, the moneys equal to the amount of such abatement shall be used for any one or more of the purposes herein state, and that such abatement shall terminate at any time when such housing is not solely for low or moderate income persons or families. The amount of such abatement shall be established in each such contract, giving due consideration to the purposes to which the money equivalent to the taxes so abated is to be applied.
(Ord. 547, passed 12-4-06)