It is enacted by the General Assembly as follows:
SECTION 1. The town of Barrington may provide a tax abatement to any commercial property owners within the town who voluntarily participate in the sign design and replacement program set forth in the Barrington Village Design Guidelines and applicable sections of the Barrington Zoning Ordinance. The tax abatement shall be for one (1) year and shall be for the fiscal year in which the commercial property owner replaces the signage with pre-approved, standardized signage as approved by the Design Review Committee of the Barrington Planning Board.
SECTION 2. The tax abatement for participating commercial property shall be at a rate of twenty percent (20%) of the annual property tax for up to fifty percent (50%) of the total costs of sign design and replacement.
SECTION 3. This tax abatement authorization shall expire December 31, 2001.
SECTION 4. This act shall take effect upon passage.