The annual service charge in lieu of taxes as determined under this Article shall commence in the calendar year in which initial occupancy of the Low Income Family Housing Development owned by the Sponsor occurs. The service charge in lieu of taxes shall be payable in the same manner as general property taxes are payable to the City except that the annual payment shall be paid on or before August 10th of each year.
Should the Sponsor's payment of the annual Service Charge be received by the City after August 10th of each year it is due, then the City shall apply an initial four (4) percent penalty to the amount due. The original service charge, plus the four (4) percent penalty, shall accrue interest at the rate of one (1) percent per month compounded monthly, beginning from the first day the payment is delinquent. In addition to the penalty and the accrued interest, the City may use any legal remedies at its disposal to secure payment of the service charge, plus any penalty and interest. ( Ord. O-07-06, 11-19-07)