MWT-TIF Plan Revocation

(1) A municipality may at any time revoke its designation of any MWT-TIF Zone and, as a consequence of such revocation, shall immediately cease the execution of any additional MWT-TIF Agreements(s) pursuant to 429 CMR 2.05(6). (2) Suchrevocationshallnotaffectexisting MWT-TIF Agreements relative to MWT-TIF Exemptions pursuant to 429 CMR 2.05 which were executed prior to the revocation. (3) If the municipality shall recommend, and the EACC shall find, that one or more parties to the MWT-TIF Plan and the MWT-TIF Agreements incorporated in the MWT-TIF Plan have deviated from the MWT-TIF Plan without the approval of an amendment to the MWT-TIF Plan, pursuant to 429 CMR 2.06(4), so substantially as to constitute a material misrepresentation to the EACC and so as to jeopardize the realization of significant economic benefits that provided part of the basis for the EACC's original approval of the MWT-TIF Plan, then the EACC may revoke its approval of all or the relevant portions of the MWT-TIF Plan. The effect of such revocation shall be the elimination of the MWT-TIF Exemption for the property or properties designated in the revocation. To initiate the revocation process, the municipality must formally adopt its recommendation of revocation in the same manner as that in which the MWT-TIF Plan was adopted, prior to submitting it to the EACC.