(A) The town believes that the granting of a request for real and/or personal property tax abatement under the terms and conditions of this subchapter results in a contractual arrangement between the town and the property owner granted abatement.
(b) Therefore a petitioner who fails to achieve the estimates set forth in its original petition for tax abatement consideration and its statement of benefits may have its tax abatement revoked by the Town Council.
(C) A petitioner who fails to file its annual report and meet with the Town Council as required herein may have the tax abatement revoked by the Town Council.
(D) Petitioners who comply with the annual report and meeting requirements, but fail to provide evidence as to why they have not achieved the estimates set forth in their documents used by the Council when granting the abatement, may have the tax abatement revoked by the Town Council.
(Ord. 5-97, passed 3-24-1997)