An Industrial and Commercial Incentive Board
may be established in the Town of Fort Edward consisting of not more
than five members nor less than three members, to be appointed by
the Supervisor and to serve for a term of three years.
[Amended 6-27-1988 by L.L. No. 3-1988]
Any real property tax exemption shall in no
event exceed the maximum exemption granted by § 485-b of
the Real Property Tax Law of the increase in assessed valuation thereof
attributable to such construction, alteration, installation or improvement;
provided, however, that the extent of such exemption shall be decreased
by 5% each year. Such exemption shall be granted only upon application
by the owner of such real property on a form prescribed by the State
Board of Equalization and Assessment.