It is hereby determined that the class of housing development to which the tax exemption shall apply and for which a service charge shall be paid in lieu of such taxes shall be housing developments of multiple dwellings for elderly persons of low income and persons of low income:
   (a)   Which are financed or assisted pursuant the Act or by HUD.
   (b)   Which are or were located in economically depressed urban renewal project areas;
   (c)   Which are not economically feasible absent the City’s allowing a service charge in lieu of taxes;
   (d)   Which the Authority or HUD will not finance absent the City providing this tax benefit;
   (e)   Which will not provide new jobs; and
   (f)   Whose sponsor negotiates a service charge with the City when the housing development is in the planning stage, prior to the start of construction or renovation.
(Ord. 2621, passed 1-23-1978; Ord. 3010, passed 10-13-1986; Ord. 3055, passed 4-25-1988; Ord. 3118, passed 11-13-1989; Ord. 3809, passed 11-28-2011)