§ 18-201. Fixing and deferral of commercial assessments on real property within the enterprise zone and the rehabilitation areas.

(a)

In accordance with provisions of Connecticut General Statutes [Section] 32-71, the assessments on all commercial real property in the said enterprise zone which is improved during the period when such area is designated as an enterprise zone, shall be fixed each year in accordance with a seven-year assessment deferral schedule dating from the time of such improvements with increases in assessments attributable to such improvements deferred as per the following schedule:

Percentage of 

Year     increase deferred

First ..... 100

Second ..... 100

Third ..... 50

Fourth ..... 40

Fifth ..... 30

Sixth ..... 20

Seventh ..... 10

(b)

There shall be a benefit floor. Only projects meeting minimum expenditures or scope of work for that zoning or use designation shall receive the assessment benefit herein.

Commercial. The cost of complete renovation of a facade to BDA standards including siding and roofing (to be approved in advance by the BDA staff), or one hundred seventy-five thousand dollars ($175,000.00) spent. Eligible improvements are defined in section 18-202(c).

(Ord. of 2-14-95; Ord. of 4-10-95)