The Town Council shall require that all applicants for economic revitalization area designation enter into an agreement with the town following adoption of a declaratory resolution and prior to the public hearing on the economic revitalization area designation request. The memorandum of agreement shall contain the investment levels, job creation and/or retention levels and wage rates the applicant has committed to the town in order to receive consideration for economic revitalization area designation. A final public hearing on the economic revitalization area designation request shall not be held unless the memorandum of agreement has been completed. A$250 application fee must be submitted at the time of application for tax abatement.
(Ord. 5-97, passed 3-24-1997)