The housing developments described in § 18-4.1 above shall be exempt from all property taxes from and after commencement of construction. The City, acknowledging that the sponsor and the Authority or HUD have established the economic feasibility of the housing developments in reliance upon the enactment and continuing effect of §§ 18-4.1 through 18-4.8 hereof and the qualification of the housing development for exemption from all property taxes and payment of a service charge in lieu of taxes as established herein, and in consideration of the sponsor’s offer, subject to receipt of a mortgage loan from the authority or a federally aided mortgage to construct, own and operate said housing developments, hereby agrees to accept payment of an annual service charge for public services in lieu of all property taxes. The annual service charge for each housing development shall be negotiated between the City and the sponsor and shall be set at a rate which will make the housing development economically feasible, and the rate shall be embodied in an ordinance.
(Ord. 2621, passed 1-23-1978; Ord. 3010, passed 10-13-1986)