[Ord. No. 204, 2-6-1990; Ord. No. 268, 4-3-2007]
Pursuant to C.G.S. § 8-215, the town manager is authorized to enter into an agreement with Mystic River Homes, Inc., a nonprofit corporation organized and existing under the laws of the State of Connecticut with a principal place of business in the Town of Groton, County of New London, State of Connecticut, for a full abatement of taxes on the land and buildings located in the village of Noank, Town of Groton, Connecticut that comprise the 46 units of housing used solely for rental to low or moderate-income persons or families which were constructed in or around 1978 (the "housing units"). The housing units to which this section applies have been given an abatement in the amount of 80 percent pursuant to Town of Groton Ordinance No. 107 and the "tax abatement agreement" between the Town of Groton and Mystic River Homes, Inc. authorized by resolution of the town council on June 3, 1974. It is the purpose of this section to increase the abatement to be applied to said housing units from 80 percent to 100 percent. This Ordinance No. 268 shall supersede the provisions of Ordinance No. 107 specifically applicable to said housing units. The remaining provisions of Ordinance No. 107 shall remain in full force and effect. The 80 percent abatement applicable to said housing units shall continue until the execution of the agreement authorized by this section. In no event shall the term of said agreement be longer than the term of the existing agreement. This section shall become effective 44 days after publication of notice of passage.