[Adopted 12-4-2006 by Ord. No. 530]
A. 
Pursuant to Maryland Code Annotated, Tax-Property Article, § 9-229, the Town of Denton hereby elects to participate in the Brownfields Revitalization Incentive Program established under § 5-1408 of Article 83A, Annotated Code of Maryland, and to provide a brownfields property tax credit for qualified brownfields sites the taxable year beginning July 1, 2007.
B. 
The Town shall have the authority to submit to the State Department of Business and Economic Development a list of potential brownfield sites. For any qualified brownfields site [as defined in Maryland Code Annotated, Article 83A, § 5-1401(t)], which has been designated as such by the State Department of Business and Economic Development, located within the Town of Denton, there shall be a Denton brownfields property tax credit against the tax on the real property in an amount equal to 50% of the property tax attributable to the increase in the assessment of the qualified brownfields site, including improvements added to the site during the credit period, over the assessment of the qualified brownfields site before the voluntary cleanup or corrective action plan.
C. 
The credit shall apply in the each of the five taxable years immediately following the first revaluation of the property after completion of a voluntary cleanup or corrective action plan of a qualified brownfields site.
D. 
The credit is subject to the requirements and limitations set forth in § 9-229 of the Tax-Property Article, Annotated Code of Maryland.
E. 
Pursuant to the requirement set forth in Maryland Code Annotated, Tax-Property Article, § 9-229(c), for each year of the credit period, Denton shall contribute to the Maryland Economic Development Assistance Fund an amount equal to 30% of the property tax attributable to the increase in the assessment of the qualified brownfields site during the credit period over the assessment of the qualified brownfields site before the voluntary cleanup or corrective action plan.
F. 
Overdue real property taxes imposed by the Town of Denton on a qualified brownfields site before the designation of the site as a qualified brownfields site shall be abated.