The annual service charge in lieu of taxes as determined under this subchapter shall be payable in the same manner as general property taxes are payable to the city and distributed to the several units levying the general property tax in the same proportion as prevailed with the general property tax in the previous calendar year. The annual payment for each operating year shall be paid on or before September 15th of the following year. Collection procedures shall be in accordance with the provisions of the General Property Tax Act (1893 PA 206, as amended; M.C.L.A. §§ 211.1, et seq.). Annual payments in arrears shall be subject to interest of 1% per month until the 12th month after their due date, and to interest of 1.5% per month retroactive to the due date for annual payments in arrears for longer than 12 months. Subject to any limitations imposed by law, the sponsor shall provide to the city such accounting records, audits, and financial reports as the city shall reasonably require to verify the computation of the annual service charge as provided by this section as of December 31 st of each year. The sponsor shall maintain such records of rent or occupancy charges received and the occupancy of units in the development as will permit the city to verify which of the units in the development have been occupied by low income persons or families. Annual service charges payable pursuant to this section shall be a lien on the development, and if delinquent, without prejudice to any remedies for arrears of payment or preceding breach of covenant, shall at the election of the city be collected and enforced in the same manner as general property taxes.
(Ord. 204, passed 2-12-2018)