This bylaw is hereby established upon acceptance by the Town of Adams
of MGL c. 59, § 59A. The Board of Selectmen is hereby authorized
to negotiate agreements regarding the payment of outstanding real-estate taxes,
interest and penalties, including abatement of those amounts needed to make
a cleanup and redevelopment project economically feasible. Said agreement
may also contain additional incentives, financial and otherwise, as may be
deemed appropriate. Agreements may be entered into only with new, innocent
purchasers who did not own the site at the time the oil or hazardous material
was released and did not cause or contribute to its release. Agreements must
specify the details agreed to regarding payment of any outstanding obligations,
including the amount owed, rate of interest to accrue if any, amount of monthly
payments, payment schedule, large penalties and other terms. These obligations
may consist of outstanding real-estate taxes or other financing packages negotiated
with the Town. Agreements must be signed by the Board of Selectmen, property
owner, and must be notarized and attested to by the Town Clerk. Copies must
be provided to the Massachusetts Commissioner of Revenue, Massachusetts Department
of Environmental Protection, United States Environmental Protection Agency.
Additionally, the property owner and the Town Meeting must receive copies.
The Town Meeting must approve, by majority vote, any agreements that reduce
outstanding property taxes, penalties and interest.