In an effort to attract, retain and expand businesses,
the Town of Monroe has adopted this tax incentive policy in accordance
with Connecticut General Statutes § 12-65b. This policy
establishes a tax incentive program for the Town and allows the Town
to enter into written agreements with the owners and/or lessees of
certain real and/or personal property located within the Town of Monroe
in order to fix tax assessments of real and/or personal property in
the manner set forth by this policy.
Any eligible owner and/or lessee may apply under
this policy in writing to the Economic Development Coordinator on
application forms provided by the Economic Development Office. The
applicant shall provide all required information in sufficient detail
to allow the Town to determine costs and benefits associated with
the implementation of a requested tax agreement.
A. Upon receipt of the completed application, the Economic
Development Coordinator shall refer the application to the Tax Incentive
Program Review Committee members as follows: the First Selectman,
Finance Director, Assessor, and Economic Development Commission designee.
Each application shall be reviewed for appropriateness. After thorough
review and within 30 days of receipt of the application, the recommendation,
along with a written analysis, shall be referred to the Town Council
and its Legislative and Administrative Committee.
B. The Town Council, in its sole discretion and after
having held at least one public hearing, shall approve, approve with
modifications or conditions or deny the application within 60 days
from the date of the first regularly scheduled meeting at which the
referral appears on the Council's agenda. Granting of the tax abatement
shall be subject to a majority vote of the Town Council. The Council's
decision shall be based upon the Connecticut General Statutes, the
information provided in the application package and the recommendation
from the Tax Incentive Program Review Committee.
Any tax agreement entered into pursuant to this
policy shall not be subject to assignment, transfer or sale.
This policy shall not be retroactive.