§ 34.07 DURATION.
   The tax-exempt status of a housing development approved for such status by resolution of the City Council shall remain in effect and shall not terminate so long as the mortgage loan for such housing development remains outstanding and unpaid, or for such period as the Authority or other governmental entity has any interest in the property; provided, the construction of the housing development commences within one year from the effective date of the resolution of the City Council approving the housing development for tax-exempt status as provided in this chapter, or any other time period as may be determined by Council.
(Ord. 291, passed 6-15-98)