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year, 20 per­cent the sec­ond year and 10 per­cent the third year.

Re­gard­ing adap­tive re­use of a prop­erty, Bak­lik said if a de­vel­oper makes a $500,000 in­vest­ment in im­prov­ing an ex­ist­ing prop­erty, the de­vel­oper is en­ti­tled to a three-year abate­ment of 30 per­cent the first year, 20 per­cent the sec­ond year and 10 per­cent the third year.

Bak­lik added the same in­cen­tives ap­ply to ex­ist­ing busi­nesses.

But in or­der to qual­ify for any of the abate­ments, there is a process to fol­low.

“Of course, these in­cen­tives

will only be granted once a de­vel­oper com­pletes our al­ready es­tab­lished zon­ing re­quire­ments,” Bak­lik said.

To be el­i­gi­ble for con­sid­er­a­tion, Bak­lik said prospec­tive ap­pli­cants must be cur­rent with all city taxes. They next would ob­tain a copy of the ap­pli­ca­tion and the or­di­nance on­line through the city’s web­site or in per­son at City Hall. Once a com­pleted ap­pli­ca­tion and de­tailed project plans with es­ti­mated costs are in place, the de­vel­oper/ busi­ness owner must sub­mit them to both the mayor’s of­fice and the eco­nomic de­vel­op­ment li­ai­son.

The eco­nomic de­vel­op­ment li­ai­son, who in Derby is for­mer al­der­manic Pres­i­dent Car­men DiCenso,

then would eval­u­ate the ap­pli­ca­tion and if he finds it’s suit­able, will present it to the Board of Al­der­men, who have the sole dis­cre­tion when it comes to ap­prov­ing the ap­pli­ca­tion, ac­cord­ing to Bak­lik.

DiCenso said he’s ex­cited that Derby now has a tax in­cen­tive pro­gram in place, and is hope­ful it will not only at­tract po­ten­tial de­vel­op­ers to in­vest here, but re­tain ex­ist­ing busi­nesses and en­cour­age them to ex­pand. He said the com­mit­tee also met with sev­eral lo­cal busi­nesses to get their feed­back and in­put in com­ing up with the new or­di­nance.

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