The housing development identified as Shelterhouse Homes 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 acknowledging 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 subchapter, and in consideration of the sponsor's offer, to 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 15% of the annual shelter rents actually collected. This subchapter shall have no retroactive effect and applies to subsequent tax years only.
(Ord. 297, passed 6-2-08)