[HISTORY: Adopted by the Mayor and Council of the Town of Snow Hill as indicated in article histories. Amendments noted where applicable.]
[Adopted 6-14-1988 by Res. No. 97]
The Mayor and Council of Snow Hill have determined that a general policy for the abatement of real property and business taxes should be enacted according to the conditions and guidelines set forth herein.
Upon application to the Mayor and Council of Snow Hill, a commercial establishment desiring to locate within Snow Hill or a property owner desiring to be annexed into the Town of Snow Hill may be granted an abatement of real property or other town taxes by a majority vote of the Council.
Tax abatements for commercial development within the town may be granted when improvements made to real property would cause a significant increase in the assessable base of that real property (at least 50%) or would result in increasing employment opportunities for the citizens of the town.
Commercial development tax abatements may be granted for all or a portion of the expected tax increases resulting from real property improvements.
Commercial development tax abatements may be granted for a period not to exceed five years.
Tax abatement incentives to property owners desiring to be annexed into the Town of Snow Hill may be granted for such periods of time not to exceed 10 years as the Mayor and Council find is in the best interests of the town and is fair to the property owner desiring annexation.
Each grant of tax abatement shall be made by a separate resolution duly offered and adopted at a public meeting of the Town Council.
[Added 8-8-1995 by Ord. No. 1995-9]
The McDonald's parcel referred to in this section is that property containing one acre, more or less, which is the northeasterly portion of a parcel identified as Parcel 59 on Worcester County Tax Map 55, said portion to be subdivided from the above parcel and to be owned and developed into a restaurant with parking facility by McDonald's Corporation.
The Town of Snow Hill shall abate 100% of the real property and personal property taxes on the value of the McDonald's parcel and 1/2 the annual sewer usage fees for a period anticipated to be five years but not to exceed 10 years and for a total not to exceed $75,000 during that abatement, but the abatement is to be effective only if the property is developed as described in Subsection A above.
[Added 8-8-1995 by Ord. No. 1995-10]
The Town of Snow Hill shall abate 100% of the real property and personal property taxes on the increase in value of 102 Green Street for a period not to exceed five years and for a total not to exceed 10% of the amount of the SALT loan over the five-year period.