The service charge in lieu of taxes as determined under this chapter shall be payable in the same manner as general properly taxes, except the annual payment shall be collected by the City of Lincoln Park on or before July 1st of every year. The first annual service charge shall be due and payable fifteen (15) months from approval by the Michigan State Housing Development Authority of entry into the LIHTC Program but no later than December 31, 2019. The sponsor shall submit with the July 1st payment a statement from a mutually agreed upon independent auditor verifying that the amounts to be used to compute the service charge are correct as reported.
(Res. 2017-408A. Passed 1-3-18.)