The housing development identified as Rivers Edge Apartment and the property on which it shall be situated shall be exempt for all property taxes from and after the effective date of this chapter.
The City of Lincoln Park, acknowledging that the sponsor and Authority have established the economic feasibility of the housing development in reliance upon the enactment and continuing effect of this chapter and qualification of the housing development for exemption from all property taxes and a payment in lieu of taxes as established herein, and in consideration of the sponsor’s offer, subject to the receipt of an allocation under the LIHTC Program, to construct, own and operate the housing development, agrees to accept payment of an annual service charge for public services in lieu of property taxes. The annual service charge shall be equal to seven percent (7 %) of the difference between the annual shelter rents actually collected and utilities.
(Res. 2017-408A. Passed 1-3-18.)