[Adopted 3-13-1985]
The following article is adopted pursuant to the provisions of C.G.S. § 8-215, as amended.
The Town of Haddam herewith abates, in whole, the real property taxes on property now owned by the Haddam Elderly Housing Corporation, located on the westerly side of Saybrook Road and now known as "High Meadow."
A. 
The Board of Selectmen may enter into a contract or contracts on behalf of the Town with the Haddam Elderly Housing Corporation, and its successors and assigns, as the owner of such housing now know as "High Meadow," which contract or contracts shall provide the terms of such abatement of the real property taxes thereon.
B. 
Any such contract or contracts shall require that the Haddam Elderly Housing Corporation, and its successors or assigns, apply the money equivalent of the taxes so abated to either or both of the following purposes:
(1) 
To reduce rents below the levels which would be achieved in the absence of such abatement and to improve the quality and design of such housing; or
(2) 
To provide necessary related facilities or services in such housing.
Except as otherwise may be provided by the law, the abatement shall become effective on the date specified in such contract or contracts between the Town and the Haddam Elderly Housing Corporation, and its successors or assigns, as the owner of such housing, and shall extend for the remainder of the fiscal year in which the abatement becomes effective and may continue for a period not to exceed 39 consecutive fiscal years thereafter; provided that such abatement shall terminate at any time when the property for which such tax abatement has been granted is not used for housing which is subject to regulation or supervision or rents, charges or sale prices and methods of operation by a governmental agency under a regulatory agreement or other instrument which restricts occupancy of such housing to persons or families whose incomes do not exceed prescribed limits.
On behalf of the Town, the Board of Selectmen may execute contracts with the State of Connecticut for financial assistance in the form of reimbursement for any tax abatement so granted in accordance with this article.