Notwithstanding M.C.L.A. § 125.1415a(5) of the Act to the contrary, and subject to the terms of this chapter including, but not limited to § 94.11 herein, this chapter constitutes a contract between the village and the sponsor to provide an exemption from ad valorem property taxes and to accept the payment of an annual service charge in lieu of such taxes, as previously described in this chapter. It is expressly recognized that the Authority is a third party beneficiary to this chapter.
(Ord. 05 10-07, passed 10-1-2007)