2005 Vermont Code - § 3843. — Housing projects for low and moderate income occupants

§ 3843. Housing projects for low and moderate income occupants

(a) The board of selectmen of a town, the board of aldermen or city council of a city, or the supervisor of an unorganized town or gore, may enter into an agreement on behalf of the municipality with a person who owns or intends to acquire or seeks to construct a federally subsidized, low or moderate income housing project, for payments by such person to the municipality in lieu of all taxes which would otherwise be assessed against the property, where federal assistance would not be available in the absence of such an agreement. An agreement entered into under this section shall be in writing and shall be executed by the person owning or intending to acquire or to construct the project, and by the board of selectmen or aldermen, or in the case of an unorganized town or gore by the supervisor, on behalf of the municipality. Property which is subject to an agreement entered into under this section shall be included in the equalized grand list of the municipality under chapter 123 of Title 16 in an amount which at the tax rate in effect in the municipality would, if the property were subject to taxation, yield a tax equal to the amount of the payments in lieu of taxes provided for under the agreement. The amount of the payments and the date or dates when the payments are to be made shall be as specified in the agreement, and the term of the agreement shall not exceed 40 years, but otherwise the same may contain any provisions not inconsistent with this section.

(b) An agreement entered into under this section shall be filed in the office of the clerk of the town or city executing the same within ten days following its execution or in the case of an agreement executed by the supervisor of an unorganized town or gore, in the county clerk's office. The text of the agreement shall also be posted in at least five conspicuous places within the municipality and published in a newspaper circulating in the municipality within ten days following its execution.

(c) The agreement shall become effective 20 days following its execution unless a petition is filed for a referendum pursuant to section 3844 of this title in which case it shall become effective pursuant to the provisions of section 3844 of this title. (Added 1969, No. 268 (Adj. Sess.), § 1, eff. April 8, 1970.)