The text
(a)
The benefits of a tax stabilization agreement obtained pursuant to this article shall be transferable to property owners and tenants, but the duration of the stabilization period shall not be extended. The city council may, upon application made by an applicant on a form provided by the city clerk's office, provide an extension and/or revision to a tax stabilization agreement at their sole and absolute discretion.
(b)
The receipt of a tax stabilization agreement under this article shall not deprive any person of the right to appeal the valuation or calculation of the taxes assessed from time to time, except as provided for in 74-150(b).
(c)
Nothing herein shall prohibit the city council from extending a tax stabilization agreement on different terms to a development project that would otherwise qualify for stabilization under this article.
(d)
Annually, the tax assessor shall have performed a peer review audit to validate that all performance criteria for the development project to remain eligible for the tax stabilization program. An annual audit filing fee shall be established by the tax assessor to reflect the actual cost, without any mark-up or contingency, of the required annual peer review compliance audit.
(e)
Nonpayment or late-payment of taxes due under this article shall render the terms of any tax stabilization agreement null and void if such non-payment or late payment is not cured within 60 days of any such delinquency; provided however, that the taxpayer may petition the city council to keep the tax stabilization agreement in place one time during the term of the agreement. In addition, all authority granted to the city in the General Laws to sell property at tax sale shall remain in full force and effect during the period of any tax stabilization agreement.
(f)
Upon execution of a tax stabilization agreement, the tax assessor shall notify and provide a copy of the agreement to the city council.
(Ord. No. O-16-13, § 1, 6-8-16)