(A) It is acknowledged that it is a proper public purpose of the state and its political subdivisions to provide housing for its elderly citizens of low and moderate income and to encourage the development of such housing by providing for a service charge in lieu of property taxes in accordance with the State Housing Development Authority Act of 1966, Public Act 346 of 1966, being M.C.L.A. §§ 125.1401 et seq., as amended.
(B) The village is authorized by said Act to establish or change the service charge to be paid in lieu of taxes by any or all classes of housing exempt from taxation under the Act at any amount it chooses, not to exceed the taxes that would be paid but for the Act.
(C) It is further acknowledged that such housing for elderly persons of low and moderate income is a public necessity, and as the village will be benefitted and improved by such housing, the encouragement of the same by providing certain real estate tax exemption therefor is a valid public purpose; further, that the continuance of the provisions of this subchapter for tax exemption and the service charge in lieu of taxes during the periods hereinafter contemplated are essential to the determination of economic feasibility of housing developments which are constructed and financed in reliance thereon.
(Ord. 144, passed 9-12-2006)