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§ 35.52 PAYMENT OF SERVICE CHARGE.
   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. 297, passed 6-2-08)
§ 35.53 DURATION.
   This subchapter shall remain in effect and shall not terminate so long as the mortgage loan remains outstanding and unpaid or the authority has any interest in the property; provided, that occupancy of the housing development commences within one year from the effective date of this subchapter.
(Ord. 297, passed 6-2-08)
§ 35.54 TERMINATION.
   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. 297, passed 6-2-08)
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