[Adopted 1-10-1977 by L.L. No. 1-1977]
An Industrial and Commercial Incentive Board may be established in the Town of Fort Edward consisting of not more than five members nor less than three members, to be appointed by the Supervisor and to serve for a term of three years.
Editor's Note: Original Section 1, which provided that no exemption would be allowed without the recommendation of the Board and which section immediately preceded this section, was repealed 6-27-1988 by L.L. No. 3-1988.
[Amended 6-27-1988 by L.L. No. 3-1988]
Any real property tax exemption shall in no event exceed the maximum exemption granted by § 485-b of the Real Property Tax Law of the increase in assessed valuation thereof attributable to such construction, alteration, installation or improvement; provided, however, that the extent of such exemption shall be decreased by 5% each year. Such exemption shall be granted only upon application by the owner of such real property on a form prescribed by the State Board of Equalization and Assessment.