This Article shall remain in effect and shall not terminate so long as the original/initial USDA Rural Development Mortgage Loan remains outstanding and unpaid or the Housing Development remains subject to income and rent restrictions pursuant to Section 42 of the Internal Revenue Code of 1986, as amended. Provided, however that renovation of the Senior Housing Development commences within one year from the effective date of this Article. Provided further that the term of this Article shall not exceed thirty (30) years, regardless of whether the original/initial USDA Rural Development Mortgage Loan remains outstanding or unpaid or the Senior Housing Development remains subject to any income or rent restrictions. At the end of the thirty- (30) year term, the Senior Wedgewood Apartment Development shall no longer be exempt from ad valorem property taxes and shall be placed on the ad valorem property tax roll by the City Assessor and City Treasurer at its assessed value at the time the exemption terminates.
Any significant change of the Senior Housing Development's original or initial public or private financing, refinancing, ownership, or other similar factors shall automatically trigger a review by the City Council of the facts, conditions, acknowledgments, rates of return and any other aspect of the Sponsor's and other partners' or entities' participation in the Development. If the Council's review determines, in its reasonable yet sole determination, that there were or would be significant changes in the intent, return on investment, or any other facet of the Development as originally proposed by the Sponsor and as acknowledged and agreed to in this Article, then the City Council reserves the right to modify, continue or cancel the tax exemption for the Senior Wedgewood Housing Development. (Ord. O-07-04, 9-17-07)