(A)   The housing development, identified as the Brookfield Apartments, and the property on which it is located shall be exempt from all property taxes.
   (B)   The city acknowledging that the owner, the authority and the HUD have established the economic feasibility of the housing development in reliance upon the enactment and continuing effect of this subchapter and the qualification of the housing development for exemption from all property taxes and a payment in lieu of taxes as established herein, and in consideration of the sponsor’s offer, subject to receipt of a mortgage loan, to rehabilitate, own and operate the housing development, hereby agrees to accept payment of an annual service charge for public services in lieu of all property taxes subject to the requirements of §§ 35.27 and 35.28.
   (C)   The annual service charge shall be equal to 10% of the gross contract rents charged, including any federal subsidy, but less owner paid utilities (or as otherwise provided in a municipal services agreement between the parties). In the event the development no longer receives contract rents, the annual service charge shall be equal to 10% of the annual shelter rents. In no event shall the service charge be less than $2,400 per year.
(Ord. 174, passed 4-11-2011)