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(A) Notwithstanding § 35.29, the service charge to be paid each year in lieu of taxes for part of the housing development which is tax exempt and which is occupied by other than low income persons or families shall be equal to the full amount of the taxes which would be paid on that protion of the Housing Development if the Housing Development were not tax exempt.
(B) The term "low income persons or families" as herein shall be the same meaning as found in Section 15 (a)(7) of the Act.
(Ord. 237, passed 11-16-98)
Notwithstanding the provisions of Section 15 (a)(15) of the Act, to the contrary, a contract between the city and the sponsor with the authority as a third party beneficiary under the contract, to provide tax exemption and accept payments in lieu of taxes, as previously described, is effectuated by enactment of this subchapter.
(Ord. 237, passed 11-16-98)
The service charge in lieu of taxes as determined under this subchapter shall be payable in the same manner as general property taxes except that the annual payment shall be paid on or before February 28 of each year. The sponsor shall submit a statement from its independent auditor verifying the amounts used to compute the payment are correct as reported. The statement and supporting documents may be from the sponsor's federal tax return.
(Ord. 237, passed 11-16-98)
This subchapter shall remain in effect for a period of 30 years after the certificate of occupancy is obtained from the appropriate officials, so long as 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 Village North Apartments shall not be entitled to a service charge in lieu of property taxes for the calendar year 2014, being the year in which this section was enacted.
(Ord. 237, passed 11-16-98; Am. Ord. 325, passed 4-7-14)
Notwithstanding anything contained herein to the contrary, should the sponsor fail to pay the service charge in lieu of taxes granted hereunder or fail to provide the verification of the calculations used to make the payment, the city shall file a certificate of nonpayment upon the sponsor of the housing development and the authority by certified mail, with the Register of Deeds of Gladwin County. Following the expiration of 60 days after service of a certificate of nonpayment upon the sponsor and the authority, if payment and supporting documentation has not been made, the service charge in lieu of taxes granted by this subchapter shall automatically be terminated, retroactive to January 1 of the year for which the service charge in lieu of taxes applies.
(Ord. 237, passed 11-16-98)
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