This ordinance, Sections §§ 18-4.1 through 18-4.7, shall remain in effect and shall not terminate so long as the Authority-aided or federally-aided mortgage loan remains outstanding and the unpaid or HUD mortgage insurance is still operative or the Authority or HUD have any interest in the property; provided, that construction or renovation of a housing development commences within one year from the effective date of this ordinance. The tax incentive provided in §§ 18-4.1 through 18-4.7 shall remain in effect and shall not terminate with respect to any particular housing development so long as the Authority-aided or federally-aided mortgage loan remains outstanding and unpaid for that particular housing development or for so long as HUD or the Authority shall have any interest in the property of a particular housing development. Provided, with respect to the River Village Project. Provided further, that construction or renovation of the housing project commences on or before February 28, 2012. Provided further, that with respect to Court Street Village, construction of the housing project commences on or before October 30, 1990; and that, with respect to Avon Park, that construction of the housing project commences on or before October 30, 1994.
(Ord. 2621, passed 1-23-1978; Ord. 3010, passed 10-13-1986; Ord. 3118, passed 11-13-1989; Ord. 3240, passed 7-26-1993; Ord. 3257, passed 11-22-1993; Ord. 3811, passed 11-28-2011)