(A) The housing development identified above and the property on which it shall be constructed shall be exempt from all property taxes from and after the commencement of construction. The village, acknowledging that the sponsor and the Authority 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 tax credit allocation from the Authority, to construct, own and operate said housing development, hereby agrees to accept payment of an annual service charge for public services in lieu of all property taxes.
(B) (1) The annual service charge for Morrison Apartments shall be equal to 4% of the annual shelter rents.
(2) This provision shall remain in effect and shall not terminate so long as the Morrison Apartments are designated and serve only low income elderly persons as defined by the Authority; provided, that construction of the said housing development must commence within one year from the effective date of this subchapter, otherwise said provision is null and void.
(Ord. 144, passed 9-12-2006)