The housing development identified as Cambridge Court I and Cambridge Court II Senior Citizen Apartments and the property on which it shall be constructed shall be exempt from all property taxes from and after the commencement of construction. 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 chapter and the qualification of the housing development for exemption from all property taxes and a payment in lieu of taxes as established in this chapter, and in consideration of the sponsor's offer, subject to receipt of a mortgage loan from the authority, to construct, 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 10% of the difference between the annual shelter rents actually collected and utilities.
(Ord. 20, passed 6-16-98; Ord. 20A, passed 8-5-98)