Section 25.08 - Termination of M.G.L. c. 121A Designation Before Period of Exemption Has ExpiredUnder the following circumstances, and at the discretion of the Department, M.G.L. c. 121A agreements may be terminated before the approved period of tax exemption has expired:
(1) Request for Termination. The M.G.L. c. 121A entity has submitted a letter to the Department signed by its officers, requesting termination of c. M.G.L. c. 121A status.(2) Disadvantage to Continuation. The M.G.L. c. 121A entity documents substantial disadvantage to continuing M.G.L. c. 121A status, including, but not limited to, a higher urban redevelopment excise tax under M.G.L. c. 121A status than the tax that would be assessed under ordinary taxation, thus creating hardship for the M.G.L. c. 121A project.(3) Public Benefit. The M.G.L. c. 121A entity demonstrates that the public benefit will be served by terminating the M.G.L. c. 121A agreements.(4) Agreement of Municipality. The city or town with which the M.G.L. c. 121A entity has contracted under M.G.L. c. M.G.L. c. 121A, § 6A agrees with the termination as evidenced by a vote of the city council and signature of the mayor in a city, or a vote of the board of selectmen in a town.(5) Fiscal Impact of Termination. The M.G.L. c. 121A entity indicates the fiscal impact of termination upon the project, and the municipality indicates the fiscal impact of the termination on the community including but not limited to tax revenues.(6) Valuation of Property. The M.G.L. c. 121A entity and the municipality agree on an assessed valuation of the project property under M.G.L. c. 59 for the first year after termination.