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Housing developments for elderly persons of low income and the property on which they shall be constructed shall be exempt from all property taxes from and after the commencement of construction. The Village, acknowledging that the Sponsor and the Authority, in the case of a Sponsor receiving a mortgage loan from the Authority, have established the economic feasibility of the housing development in reliance upon the enactment and continuing effect of this chapter and the qualification of the housing development for exemption from all property taxes and a payment in lieu of taxes as established in this chapter, will accept payment of an annual service charge for public services in lieu of all property taxes. The annual service charge shall be equal to a percentage of the difference between contract rents actually collected and utilities paid for federally-aided housing developments as approved and established by resolution of the Village Council.
(Ord. 2000-5. Passed 10-9-00.)