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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)
§ 35.55 ACKNOWLEDGMENT.
   The sponsor acknowledges that sponsor shall provide to the city documentation from the authority indicating that the authority's participation with a mortgage loan.
(Ord. 297, passed 6-2-08)
TAX EXEMPTION FOR VILLAGE NORTH APARTMENTS - PHASE II
AS PROVIDED BY STATE HOUSING DEVELOPMENT ACT
§ 35.60 PURPOSE.
    This subchapter shall be known as the "Village North - Phase II Tax Exemption Ordinance".
(Ord. 336, passed 9-18-17; Am. Ord. 342, passed 3-4-19)  
§ 35.61 PREAMBLE.
   (A)    It is acknowledged that it is a proper public purpose of the State of Michigan and its political subdivisions to provide housing for its citizens of low to moderate income persons and families and to encourage the development of such housing by providing for a service charge in lieu of property taxes in accordance with the Act. The city is authorized by this Act to establish or change the service charge to be paid in lieu of taxes by any or all classes of housing exempt from taxation under this Act at any amount it chooses not to exceed the taxes that would be paid but for this Act. It is further acknowledged that such housing of low to moderate income persons and families is a public necessity, and as the city will be benefitted and improved by such housing, the encouragement of the same by providing real estate tax exemption for such housing is a valid public purpose. It is further acknowledged that the continuance of the provisions of this subchapter for tax exemption and the service charge in lieu of all ad valorum taxes during the period contemplated in this subchapter are essential to the determination of economic feasibility of the housing projects that are constructed or rehabilitated with financing extended in reliance on such tax exemption.
   (B)   The city acknowledges that sponsor (as defined below) has offered, subject to receipt of an allocation under the Low Income Housing Tax Credit (LIHTC) Program by the Michigan State Housing Development Authority, to construct, own, and operate a housing development identified as Village North Apartments - Phase II on certain property located at 559, 565 and 569 Clendening Road, in the city to serve persons and families of low to moderate income, and that the sponsor has offered to pay to the city on account of this housing development an annual service charge for public services in lieu of all ad valorem property taxes.
(Ord. 336, passed 9-18-17; Am. Ord. 342, passed 3-4-19)
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