(A) Generally. The Town Council believes that the following general standards have a reasonable relationship to the development objectives of promoting the installation of new manufacturing equipment within the town, and would warrant tax abatement consideration as set forth herein.
(B) Five- and ten-year general standards.
(2) The Town Council may grant a five or ten year personal property tax abatement based on, but not limited to, the following factors:
(a) Useful life of machinery;
(b) Assessed value of machinery being replaced;
(c) Impact of abatement on existing tax increment financing district;
(d) Aggregate capital investment in buildings and machinery; and
(e) Number of jobs created.
(C) Verification. Applicants seeking personal property tax abatement must verify that the new manufacturing equipment will be used in conjunction with uses within major groups 20 through 39 or 42 of the Standards Industrial Classification Manual, published by the United States Office of Management and Budget.
(Ord. 5-97, passed 3-24-1997)