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(A) It is hereby determined that the class of housing developments to which the tax exemption shall apply for and for which a service charge shall be paid in lieu of taxes shall be that portion of the development, which is for persons of low income and, which is financed or assisted pursuant to the Act.
(B) It is further determined that all units of Brookfield Apartments are of this class. The city acknowledges that the owner has offered, subject to a receipt of a mortgage loan to rehabilitate, own and operate a housing development identified as Brookfield Apartments, on certain property located at 415 Wayne Street, Bronson, Michigan (as described on Exhibit “A” attached to the ordinance from which this subchapter is derived, which is on file in the office of the City Clerk/Treasurer) in the city to serve persons of low income, and that the owner has offered to pay the city an annual service charge for public services in lieu of all taxes.
(Ord. 174, passed 4-11-2011)