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."
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.