Vermont Statutes Title 10 Sec. 236
Terms Used In Vermont Statutes Title 10 Sec. 236
- Authority: means the Vermont Economic Development Authority established under section 213 of this title. See
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Industrial park: means an area of land planned and designed as a location for one or more industrial buildings, including adequate access roads, utilities, and other services necessary for eligible facilities. See
- Local development corporation: means any nonprofit organization incorporated in the State for the purpose of fostering, encouraging, and assisting the physical location of business enterprises within the State and having as its principal purpose the industrial and economic development of one or more political subdivisions, and shall include the Northeastern Vermont Development Association and any State development company organized under subdivision 216(13) of this title; however, in addition to the foregoing, for the purpose of providing assistance to small business incubator facilities, any nonprofit organization that enters into a written agreement with the Authority to establish, operate, and administer a small business incubator facility, including municipalities, local or regional nonprofit development corporations, and higher educational institutions, shall have the rights and obligations of a local development corporation under this chapter. See
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Municipality: means a city, town, or incorporated village. See
- Speculative building: means a basic structure of flexible design erected by a local development corporation for eventual sale or lease to a purchaser or tenant requiring eligible facilities. See
- State: when applied to the different parts of the United States may apply to the District of Columbia and any territory and the Commonwealth of Puerto Rico. See
§ 236. Taxes
(a) While a part of a building or industrial park owned by a local development corporation and subject to a mortgage to the Authority or the State of Vermont under this subchapter remains unoccupied, that portion that remains unoccupied shall be exempt from all taxes and special assessments of the State or a municipality. Instead of taxes, payments shall be made by the local development corporation to the municipality in which the speculative building or industrial park is located for highway maintenance, fire protection, or for other services.
(b) Any property to which the Authority holds title by reason of foreclosure upon a mortgage or other security given by a local development corporation in connection with a loan made under this subchapter, or voluntary conveyance in lieu thereof, shall, as long as it is not leased or rented, be exempt from all taxes and special assessments of the State and all local municipal property taxes for the remaining balance of the tax year in which title becomes vested in the Authority and the entire next succeeding year, provided however, that thereafter the Authority shall pay 50 percent of the local municipal property taxes annually assessed against such property during the term of the Authority’s ownership. (Added 1973, No. 197 (Adj. Sess.), § 1; amended 1977, No. 52, § 9, eff. April 22, 1977; 1981, No. 54, § 14, eff. April 28, 1981.)