The Housing Development described in Section 4-49 "Preamble" to be created shall be exempt from all ad valorem property taxes from and after the commencement of renovation, as further limited, however by this Article. Said renovation shall commence within two years and be completed within three years of the effective date of this Article or this Article will be revoked and any and all ad valorem property taxes that were waived shall become due.
The City of Fremont, acknowledging that the Sponsor and the Authority have established the economic feasibility of the existing Low Income Senior Housing Development in reliance upon the enactment and effect of this Article and the qualification of the Low Income Senior 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 securing all necessary financing and an allocation under the LIHTC program, to renovate, own and operate the Senior 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 to ten percent (10%) of the total annual shelter rents, but in no event less than $21,000. Beginning in 2013, the annual service charge shall be the greater of: (1) ten percent (10%) of the annual shelter rents; or (2) $21,000. (Ord. O-12-04, 7-16-12; Ord. O-14-02, 5-19-14)