§ 24-5. District incentives.

In order to foster the development of arts and culture organizations and businesses the town has developed the following incentives for such organizations. These incentives are tied to an organization or business establishing an operation within the Colonial Beach Uptown Art and Culture District and having at least two (2) full time employees or equivalent employed by the respective business. Businesses existing at time of adoption of this ordinance are eligible to apply for these incentives. The incentives are as follows:

• BPOL tax abatement of one hundred (100) percent for the first two (2) years and twenty-five (25) percent for the next three (3) years.

• A one-time real property tax credit in the amount of thirty (30) percent or one thousand five hundred dollars ($1,500.00) maximum for the purchase and installation of energy star compliant business equipment such as but not necessarily limited to HVAC, appliances, vehicles, and electronics.

• A one-time business personal property tax abatement of forty (40) percent.

• All one-time credits shall be taken within the first three (3) years of the business operation.

If the conditions upon which the incentives were offered are no longer in effect at the end of seven (7) years, any incentive paid or provided shall be repaid to the Town of Colonial Beach.

(Ord. No. 613)

(Ord. No. 613)