880.02 PREAMBLE.
   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 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 (1966 PA 346, as amended, MCLA 125.1401 et seq; MSA 116.114 (1) et seq). The Village 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 such housing for elderly persons of low income is a public necessity, and as the Village will be benefitted and improved by such housing, the encouragement of the same by providing certain real estate tax exemption for such 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 such chapter and service charge.
(Ord. 2000-5. Passed 10-9-00.)