Purpose: The City Council, as authorized by Title 24, Chapter 75 Section 2741 of the Vermont Statutes and by votes of the City in 1980 and 2001, may enter into a tax stabilization contract with the owner(s) of industrial, commercial or commercial housing properties in order to promote growth and development that advances the city’s goals and priorities, which include creating good job opportunities, expanding the Montpelier Grand List, promoting housing, enhancing public safety and encouraging environmentally responsible development.