(A) The Board of Trustees may hereafter, by resolution, duly adopted at a regular or special meeting of the Board at which a quorum is present, after due and proper notice as required by law, at its sole and absolute discretion, but being under no obligation to do so, either expressed or implied, grant sales tax incentives to any proposed new, start-up retail commercial business establishment or enterprise expected to have not less than $50,000 in gross retail sales revenue in the first 12 month of of its existence, such tax incentive to be by way of a refund back to the owner or owners of such new retail business establishment or enterprise of all or any part of the town’s allocable share of sales tax collected by and attributed to said new retail business establishment or enterprise on a sliding scale to be determined on a case-by-case basis as the Board of Trustees may, by such resolution find necessary and advisable,
(B) For purposes of clarification, the term SLIDING SCALE shall mean that for the first calender year, or any portion thereof, the Town Board may refund to the new, start-up retail business owner or owners all or any part of the town’s allocable share of sales tax revenue remitted by the State Department of Revenue to the town attributed to said new retail business. For the next subsequent full year or years, the town may withhold so much of its allocable share of sales tax revenue collected by the new business owner or owners and remitted to the town by the State Department of Revenue as the Board of Trustees by resolution then duly adopted determines, refunding the balance thereof to the owner or owners of the new business establishment or enterprise,
(C) After the expiration of a period not to exceed 36 months after the establishment of said new, start-up retail business establishment or enterprise, the town shall retain all of its allocable share of sales tax revenues collected by said new business establishment and remitted to the town by the State Department of Revenue with nothing to be refunded back to the owner or owners of said new business establishment or enterprise.
(Ord. 2004-3, passed 9-9-2004)