A proposed housing development reviewed by the City Commission and found to be qualified for tax exempt status and a PILOT payment must satisfy all of the following criteria:
(A) The Housing Development is designed for elderly or low income residents as defined in this chapter or applicable state or federal law;
(B) The Housing Development will meet a demand not adequately addressed in the existing housing inventory in the community;
(C) The Housing Development will not have a significant negative impact on the existing rental housing market for substantially similar housing units;
(D) The Housing Development is designed so that a PILOT agreement is essential to financing of the proposed housing development;
(E) The Housing Development is designed to avoid an excessive concentration of subsidized housing in any particular section of the City of Big Rapids; and
(F) The Housing Development will rehabilitate or remove some dilapidated or substandard housing stock within the City of Big Rapids.
(Ord. 566-05-06, passed 5-15-06)