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Page 2 <br /> Board of Selectmen <br /> Minutes <br /> Tuesday,March 21, 1995 <br /> ED ATI NAL FOR L.- ECONOMIC RAREAS AND <br /> ECONOMIC TARGET AREA • <br /> Participating in EOMs and ETA's will benefit cities and towns by; <br /> Stimulating new private investment <br /> Local job creation <br /> Tool for hazardous waste site clean-up <br /> I <br /> New economic development tool; target economic financing <br /> Possible targeted capital financing <br /> By participating in the program,businesses will benefit by g�receivin • <br /> 5%investment tax credit <br /> 10% abandoned building tax deduction <br /> Municipal tax incentives <br /> (special tax assessment or tax increment financing) <br /> g <br /> All applications must be completed by the bu sine s s and approved b thici <br /> indicated Ms.M pP .by municipality <br /> McCabe. Approval is then required by the Economic Assistance <br /> Coordination Council. (EACC) The designation requires a negotiated agreement� ig �' betwee: <br /> the <br /> business and the municipality and must also create newJ'obs noted Ms. McCabe. <br /> Special Tax Assessments. <br /> 5 year program: Year#1 0%Q Year eat'#2 up to 25°Ia <br /> Year#3 up to 50% Year#4 up to 75% <br /> Year#5 up to 100%o Year#G 100% <br /> 'rax Increment Financing: <br /> TIF zone <br /> TIF Plan <br /> Approvals-Local;Town Meeting- State;SACC <br /> Implementation <br /> Actual Implementation <br /> Annual reporting to EACC <br /> Conclusion 5 -20 years (minimum and maximum) <br /> EACC issues a certificate of compliance <br /> Ms.McCabe indicated that Town • <br /> Meeting could designate the approval authority to the Board of <br /> Selectmen or to an Economic Incentive Board. She recommended to form • <br /> B an Economic Incenttvs <br /> Board to be comprised of representatives of the Board of Selectmen,Finance Committee Plannh <br /> Board,Assessors Office and three members at large* <br /> Meeting adjourned: 9:00 p.m. Res,pectfully submitted, <br /> tted, 01�j <br /> e <br /> i <br /> Kathleen M. Soares-- Board Secretary <br />