[Adopted 10-26-2015 by Ord. No. 293]
As used in this article, the following terms shall have the
meanings indicated:
A Planned Employment Center District, as that term is defined
in the Zoning chapter.[1]
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.
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.
A.
The Mayor and Town Council, by resolution, may designate certain real property within a PEC, which contains historic buildings undergoing restoration or rehabilitation, or which otherwise satisfies the requirements of this article, as eligible for negotiated payments in lieu of the Town of Sykesville real property tax that would otherwise be imposed on such real property, including the land and improvements thereon, provided that the Town and the real property owner (or contract purchaser, as provided in § 150-13 of this article) enter into a valid and binding PILOT agreement.
B.
When designating PILOT eligible property, the Mayor and Town Council
shall consider the historical, aesthetic, architectural, and cultural
significance of the real property and improvements thereon, as well
as the potential economic impact of planned restoration and development
activities.
C.
No PILOT agreement shall provide for payments in lieu of Town of
Sykesville real property taxes for a period of time exceeding 10 years.
