As used in this article, the following terms shall have the
meanings indicated:
PEC
A Planned Employment Center District, as that term is defined
in the Zoning chapter.
PILOT AGREEMENT
An agreement pursuant to which the Town of Sykesville agrees
to accept a negotiated payment in lieu of the Town of Sykesville real
property tax that would otherwise be levied against property designated
as PILOT Eligible Property.
PILOT ELIGIBLE PROPERTY
Real property located within a PEC, which is designated by
the Town of Sykesville as eligible to make payments in lieu of the
Town of Sykesville real property tax to which it is otherwise subject,
in accordance with the provisions of this article.
The Mayor and Town Manager, either or both of them, are authorized
to enter into a PILOT agreement with the owner(s) of PILOT eligible
property, or with contract purchasers of such PILOT eligible property,
provided that any such PILOT agreement with a contract purchaser shall
be null and void if the PILOT eligible property is not conveyed to
such contract purchaser within one year of the designation as PILOT
eligible property.