Notwithstanding the provisions of § 15(a)(5) of the Act, being M.C.L.A. §§ 125.1404 through 125.1499, to the contrary, and subject to the terms of this subchapter including, but not limited to, § 30.55 herein, this subchapter constitutes a contract between the city 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 subchapter. It is expressly recognized that the Authority and USDA-RD are third-party beneficiaries to this subchapter.
(Ord. 334, passed 2-13-2012)