The housing development identified as Village North Apartments and the property on which it shall be constructed shall be exempt from all property taxes from and after the year the project is placed in service as evidenced by a certificate of occupancy from the appropriate public officials. The city acknowledges 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 subchapter and the qualification of the housing development for exemption from all property taxes and a payment in lieu of taxes as established in this chapter, and in consideration of the sponsor’s offer, subject to receipt of 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 to 8% of the annual shelter rents actually collected through the calendar year 2013, and 9% of the annual shelter rents actually collected for any year subsequent to 2014.
(Ord. 237, passed 11-16-98; Am. Ord. 325, passed 4-7-14)