A Resolution of the City Council granting tax-exempt status, as provided in this chapter, shall be adopted for each housing development qualified under the terms and provisions of this chapter. Notwithstanding the provisions of section 15 (a) (5) of the Act, to the contrary, a contract between the city and the sponsor with the Authority as third-party beneficiary under the contract, to provide tax exemption and accept payments in lieu of taxes as previously described will be effectuated by enactment of such a resolution by the City Council.
(Ord. 291, passed 6-15-98)