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(A) There is hereby created an Economic Development Incentives Program, intended to provide incentives to induce the location and/or expansion of businesses in the town, which substantially add to the tax base, create clean, high-paying jobs, and are compatible with the built and natural environment of the town.
(B) Incentives available for businesses and qualifying for the program include grants to reimburse the applicable business or for some or all of the following:
(1) Municipal impact fees;
(2) Building permit fees;
(3) Plan review fees;
(4) Business license taxes determined by Town Council to be attributable to the location or expansion of the business, as applicable, for a period not to exceed five years such that the following declining reimbursement rate be used for years three through five. Years one and two a business or nonprofit is eligible for the full amount attributed to location or expansion with the following percentages of that rate being applied during subsequent years.
(a) Year 1 and 2: up to 100% Reimbursement of Business License Taxes.
(b) Year 3: up to 75% Reimbursement of Business License Taxes.
(c) Year 4: up to 50% Reimbursement of Business License Taxes.
(d) Year 5: up to 25% Reimbursement of Business License Taxes.
(Ord. 11018, passed 4-12-11; Am. Ord. 16007, passed 2-10-16)