(A) That in accordance with the Connecticut General Statutes, any co-generation system installed on or after July 1, 2007 shall be exempt from taxation for not more than 15 assessment years following the installation of the system. This exemption shall not apply to additions to resources recovery facilities operating on October 1, 1994, or to resources recovery facilities constructed on and after that date. This exemption also shall not apply to property acquired by eminent domain for the purpose of qualifying for the exemption.
(B) Any owner of any co-generation system described herein must enter into a written agreement with the City of Waterbury, which agreement may require the owner to make payments to the city in lieu of taxes. The agreement may vary the amount of the payments in lieu of taxes in each assessment year of the agreement, provided the payment in any assessment year is not greater than the taxes which would otherwise be due in the absence of the exemption. Any agreement negotiated pursuant to this section shall be submitted to the Board of Aldermen for the City of Waterbury for the Board of Aldermen's approval or rejection.
(C) Any owner claiming the exemption provided in this section for any assessment year and whose application has been approved in accordance with this section shall, on or before the first day of November in such assessment year, file with the City of Waterbury Assessor's Office written application claiming the exemption. Failure to file the application in the manner and form as provided by such Assessor's Office within the time limit prescribed shall constitute a waiver of the right to the exemption for such assessment year. Such application shall not be required for any assessment year following that for which the initial application is filed, provided if such co-generation system is altered in a manner which would require a building permit, such alteration shall be deemed a waiver of the right to such exemption until a new application, applicable with respect to such altered system, is filed and the right to such exemption is established as required initially.
(D) For the purpose of this section, the following definition shall apply unless the context clearly indicates or requires a different meaning.
CO-GENERATION SYSTEM. Equipment which is designed, operated and installed as a system which produces, in the same process, electricity and exhaust steam, waste steam, heat or other resultant thermal energy which is used for space or water heating or cooling, industrial, commercial, manufacturing or other useful purposes and which meets standards established by regulation, in accordance with the provisions of Chapter 54, by the Secretary of the Connecticut Office of Policy and Management.
(Ord. passed 10-20-2008)