§ 34.02 PURPOSE.
   It is acknowledged that it is a proper public purpose of the State of Michigan and its political subdivisions to provide housing for its elderly citizens of low income/citizens of low 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, as amended, M.C.L.A. §§ 125.1401 et seq; MSA 116.114(l) et seq). The city is authorized by this 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 this act at any amount it chooses not to exceed the taxes that would be paid but for this act. It is further acknowledged that housing for elderly persons of low income/housing for persons of low income is a public necessity, and as the city will be benefitted and improved by this housing, the encouragement of the same by providing certain real estate tax exemption for housing is a valid public purpose; further, that the continuance of the provisions of this chapter for tax exemption and the service charge in lieu of taxes during the periods contemplated in this chapter are essential to the determination of economic feasibility of housing developments which are constructed and financed in reliance on this chapter and service charge.
(Ord. 291, passed 6-15-98)