The housing development identified as Village North Apartments - Phase II and the property on which it shall be constructed shall be exempt from all ad valorem 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 ad valorem property taxes and a payment in lieu of taxes as established in this subchapter. Therefore, 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, the city agrees to accept payment of an annual service charge for public services in lieu of all ad valorem property taxes. The annual service charge shall be equal to 9% of the Annual Shelter Rents actually collected by the housing development during each operating year.
(Ord. 336, passed 9-18-17; Am. Ord. 342, passed 3-4-19)