The property of the Village, acquired or held for the purposes of this chapter on January 1, of any year, is declared to be public property used exclusively for essential public and governmental purposes and such property shall be exempt from all taxes of the Village, County, State or any taxing authority thereof; provided, however, that such tax exemption shall terminate when the Village sells, leases or otherwise disposes of such property in a Project Area to a purchaser or lessee which is not a person, corporation, partnership or other association entitled to tax exemption with respect to such property.
(Ord. 91-118. Passed 6-3-91.)