(A) Deductions relating to the construction of residential real property shall be granted by the Town Council only when the Council finds that the facility to be constructed is located in an economic development target area or economic revitalization area following findings by the Council made pursuant to law and further provisions of this subchapter.
(B) Before the Town Council determines that an abatement is appropriate and after following procedures required by law, the Council shall further make all of the following findings pertaining to said property:
(1) That the facility to be constructed consists of new construction intended for the habitation by a single family unit; and
(2) That the construction of the facility is intended to commence not later than July 11, 2014.
(C) The town shall be entitled to charge a reasonable fee payable to the town for applications for such residential tax abatement.
(D) Abatements granted under this subchapter shall be for two years, with full abatement the first year and 50% the second year. The granting of abatements under the provisions of this subchapter shall terminate on December 31, 2014 unless otherwise amended or extended under further ordinance. The termination of the provisions of this subchapter shall not affect the length of time of abatements granted prior to such termination.
(Ord. 605, passed 2-25-2008; Am. Ord. 613, passed 6-25-2008; Am. Ord. 710A, passed 1-21-2014)