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NO. 146. AN ACT RELATING TO THE APPROVAL OF A TAX STABILIZATION AGREEMENT IN THE TOWN OF GEORGIA.

(H.757)

It is hereby enacted by the General Assembly of the State of Vermont:

Sec. 1. TAX STABILIZATION AGREEMENT; GEORGIA; APPROVAL

(a) The General Assembly hereby approves the tax stabilization agreement between the town of Georgia and Bryce Realty of Georgia, Vermont, approved by the Georgia selectboard on December 2, 1997, as set forth in subsection (b) of this section. This approval shall constitute approval of the agreement for the purposes of affecting the education grand list of the municipality under the provisions of 32 V.S.A. § 5404a(a) and (b) for the term of the agreement.

(b) Terms of the tax stabilization agreement between the town of Georgia and Bryce Realty relate to Lot 9 of the Arrowhead Industrial Commercial Park and provide that:

(1) The tax due on said real property and taxable personal property shall be fifty percent (50%) of the tax otherwise due for the given tax year. The method for assessing the value shall be that normally followed by the listers of the town of Georgia. This contract shall be based on those buildings and improvements approved by the Georgia Planning Commission at its site plan review hearing. Any subsequent improvements to land or buildings will not be subject to this contract and shall be assessed at 100 percent of value (100%).

(2) This agreement will be effective for a period of five years beginning April 1, 1998 (tax due - October 15, 1998), and ending on March 31, 2002 (tax due - October 15, 2002).

Sec. 2. EFFECTIVE DATE

This act shall take effect upon passage.

Approved: April 21, 1998