The tax exempt status of a housing development approved for such status by resolution of the Dimondale Village 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 such housing development commences within one year from the effective date of the resolution of the Village Council approving the housing development for tax exempt status as provided in this chapter.
(Ord. 2000-5. Passed 10-9-00.)