(A) The town believes that the granting of a request for real and/or personal property tax abatement under the terms and conditions established is a contractual arrangement between the town and the property owners granted abatement.
(B) An applicant who fails to file its annual report with the Town Council, as required herein, may have the tax abatement revoked by the Town Council.
(C) An applicant who complies with the annual report requirement but fails to provide evidence as to why he or she has not substantially complied with the estimates set forth in its documents used by the Town Council when granting the abatement, may have the tax abatement revoked by the Town Council.
(D) An applicant who fails to substantially comply with the estimates set forth in its original petition for tax abatement consideration and its statement of benefits, including the provision for creation of new jobs within one year of filing its statement of benefits, may have its tax abatement revoked by the Town Council.
(Res. 2007-5, passed 2-20-2007)