§ 1-322. Tax stabilization contract

(a) The City Council shall have the authority to enter into a contract with owners, lessees, bailees, or operators of agricultural, industrial, residential, or commercial real property for the purpose of:

(1) Fixing and maintaining the valuation of such property on the grand list;

(2) Fixing and maintaining the rate or rates of tax applicable to such property;

(3) Fixing the amount in money which shall be paid as an annual tax upon such property; or

(4) Fixing the tax applicable to such property at a percentage of the annual tax.

(b) The authority to enter into such contract shall be by vote of two-thirds of those present and voting at an annual or special meeting warned for that purpose for a contract relating to agricultural, commercial, residential, or industrial real property.

(c) The voters may provide general authority to the City Council to enter into such contracts as application is made, or provide limited authority to the City Council to negotiate contracts which shall be effective upon ratification by a majority of those present and voting at an annual or special meeting warned for that purpose.

(d) Any contract entered into pursuant to this section:

(1) Shall be for a period not in excess of 10 years;

(2) Shall be filed with the City Clerk and shall be available for public inspection;

(3) May be with existing or new owners, lessees, bailees, or operators of such property or with persons who intend to become owners, lessees, bailees, or operators of such property; and

(4) May be applicable to existing agricultural property, renovations of or additions to existing agricultural, commercial, residential, or industrial real property, or to new agricultural, commercial, residential, or industrial real property. (Amended 2005, No. M-7, § 3.)