(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 income and to encourage the development of such housing by providing for a service charge in lieu of property taxes in accordance with State Housing Development Authority Act (Act 346 of the Public Acts of 1966, as amended, being M.C.L.A. Section 125.1401 et seq.). 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 for persons of low income is a public necessity, and as the City will be benefited and improved by such housing, the encouragement of the same, by providing certain real estate tax exemption for such housing, is a valid public purpose, and, further, that the continuance of the provisions of this chapter is essential to the determination of economic feasibility of housing developments which are constructed and financed in reliance on such tax exemption.
(b) The City acknowledges that Fort Street Associates Limited Dividend Housing Association Limited Partnership (the "Sponsor") has offered to acquire, own and operate a housing development, identified as Park Plaza, on certain property located at 200 Fort Street in the City of Lincoln Park, to serve persons of low income. The Sponsor has offered to pay the City on account of this housing development an annual service charge for public services in lieu of all taxes.
(c) The real property upon which the project is to be built is described as follows:
(1) City of Lincoln Park, County of Wayne, State of Michigan, and described as follows:
A. Lots 7, 8 and 9, Lincoln Park Urban Renewal Replat No. 2 of Part of Private Claim 61, as recorded in Liber 94, Pages 42 and 43 of Plats, Wayne County Records.
B. Tax I.D. No. 45-002-10-0007-000.
(2) Oxford Realty, Inc., will serve as the general partner of the Sponsor, Fort Street Associates Limited Dividend Housing Association Limited Partnership, a Michigan Limited Partnership, which partnership has been organized pursuant to Chapter 7 of the State Housing Development Authority Act, being Act 346 of the Public Acts of 1966, as amended, for the exclusive purpose of providing housing facilities for persons of low and moderate income.
(Res. 04-383. Passed 7-19-04.)