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The Economic Development Committee unanimously approved amendments to Middletown’s Chapter 150 Enterprise Zone Code. The changes require developers to submit and receive approval of an application before obtaining building permits or receiving a tax assessment deferral, while retaining the existing seven-year deferral schedule.
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The amended rules are intended to support improvements in the enterprise zone by deferring additional property taxes tied to increased property value from approved improvements. Developers must now apply for approval before receiving permits or the deferral. The amendments do not change the enterprise zone boundaries, and a Community Enterprise Zone Board is proposed.
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