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EDAC backs longer, larger development-tax exemption; Town Council hearing set
Summary
The Economic Development Advisory Committee recommended the Town Council increase a local development-tax exemption from five years/25% to seven years/30% and proposed a revised property list; Town Council will hold a hearing in November.
EDAC members said they recommended to the Town Council a change to the town's current development-tax-exemption schedule — increasing the maximum exemption from five years at 25% to seven years at 30% — and discussed which properties to add or remove from the town's exemption list.
"EDAC's recommendation... was to propose to the council increasing the current 5 year 25% at a maximum exemption to 7 years and 30%, at a maximum," a staff member reported…
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