(A) Notwithstanding § 64-5, the service charge to be paid each year in lieu of taxes for the part of the housing development which is tax exempt and which is occupied by other than low to moderate income persons or families shall be equal to the full amount of the taxes which would be paid on that portion of the housing development if the housing development were not tax exempt.
(B) The term LOW TO MODERATE PERSONS as used herein means, with respect to any housing development that is tax-exempt, senior persons are eligible to move into that development.
(1993 Code, § 64-6) (Ord. passed 8-12-2002(2); Ord. 2017-01, passed 2-27-2017; Ord. 2020-09, passed 12-14-2020)