(A) Generally. The Town Council believes that the following tax abatement general standards have a reasonable relationship to the development objectives of office developments within the town, and would warrant tax abatement consideration as set forth herein.
(B) Three-year general standards.
(1) New construction. Proposed office developments which incorporate new construction of not less than 15,000 square feet may be considered for three-year real property tax abatement.
(2) Rehabilitation. Proposed rehabilitation of existing structures located within the town for office development, and which propose not less than 5,000 square feet to be rehabilitated, may be considered for three-year real property tax abatement.
(C) Six-year general standards.
(1) New construction. Proposed office developments which incorporate new construction of not less than 30,000 square feet may be considered for six-year real property tax abatement.
(2) Rehabilitation. Proposed rehabilitation of existing structures located within the town for office development, and which propose that not less than 10,000 square feet to be rehabilitated, may be considered for six-year real property tax abatement.
(D) Ten-year general standards.
(1) New construction. Proposed office developments which incorporate new construction of not less than 50,000 square feet may be considered for ten-year real property tax abatement.
(2) Rehabilitation. Proposed rehabilitation of existing structures located within the town and which propose not less than 20,000 square feet to be rehabilitated, may be considered for ten-year real property tax abatement.
(Ord. 5-97, passed 3-24-1997)