The housing development known as the Fremont Apartments Development and the property on which it shall be constructed (Property Identification Number 62-13-34-400-061; common address of 1218 W. State Street) shall be exempt from all property taxes from and after the commencement of construction. The City, acknowledging that the Sponsor and the Authority have established the economic feasibility of the housing development in reliance upon the enactment and continuing effect of this Article and the qualification of the housing development for the exemption from all property taxes and a payment in lieu of taxes as established in this Article, and in consideration of the Sponsor's offer, subject to receipt of a mortgage loan and an allocation under the LIHTC program, to construct, own and operate the Housing Development, agrees to accept payment of an annual service charge for public services in lieu of all property taxes. The annual service charge shall be equal topercent (%) of the difference between the annual shelter rents actually collected and utilities. (Ord. 0-04-03, 12-20-04)