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§ 35.63 CLASS OF HOUSING DEVELOPMENTS.
    It is determined that the class of housing developments to which the tax exemption shall apply and for which a service charge shall be paid in lieu of taxes shall be housing developments for elderly persons and persons and families of low to moderate income, which are financed or assisted pursuant to the Act. It is further determined that Village North Apartments- Phase II is of this class.
(Ord. 336, passed 9-18-17; Am. Ord. 342, passed 3-4-19)   
§ 35.64 ESTABLISHMENT OF ANNUAL SERVICE CHARGE.
    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)
§ 35.65 CONTRACTUAL EFFECT OF SUBCHAPTER.
    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. 336, passed 9-18-17; Am. Ord. 342, passed 3-4-19)
§ 35.66 LIMITATION ON THE PAYMENT OF ANNUAL SERVICE CHARGE.
   (A)    Notwithstanding § 35.64, the service charge to be paid each year in lieu of taxes for part of the housing development which is tax exempt but 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 portion 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. 336, passed 9-18-17; Am. Ord. 342, passed 3-4-19)
§ 35.67 PAYMENT OF SERVICE CHARGE.
    The annual 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. 336, passed 9-18-17; Am. Ord. 342, passed 3-4-19)
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