(A) The housing development identified as Walnut Village South and the property on which it shall be constructed shall be exempt from all property taxes from and after the commencement of construction. The city, acknowledging that the sponsor and the Authority have established the economic feasibility of the housing development in reliance upon the enactment and continuing effect of this subchapter and the qualification of the housing development for exemption from all property taxes and a payment in lieu of taxes as established in this subchapter, and in consideration of the sponsor’s offer, subject to receipt of a mortgage loan from the Authority, to construct, own and operate the housing development, agrees to accept payment of an annual service charge for public services in lieu of all property taxes. The annual service charge shall be equal to the percentage of the annual shelter rents as set out below:
Year | Percent |
Year | Percent |
1st | 4.0 |
2nd | 4.0 |
3rd | 5.1 |
4th | 5.1 |
5th | 6.2 |
6th | 6.2 |
7th | 7.3 |
8th | 7.3 |
9th | 8.4 |
10th | 8.4 |
11th | 9.5 |
12th | 9.5 |
13th | 10.6 |
14th | 10.6 |
15th | 11.7 |
16th | 11.7 |
17th | 12.8 |
18th | 12.8 |
19th | 13.9 |
20th | 13.9 |
21st | 15.0 |
(B) The above schedule is subject to review and change in the sole discretion of the City of Marine City for the fifteenth and subsequent years.
(Prior Code, § 13-90) (Ord. 86-2A1, passed 6-19-1986)