(A) In accordance with the authority vested in the Township of Montrose pursuant to Public Act 334 of 1968, § 15a(2), as amended by Public Act 109 of 1969, being M.S.A. 16.114(15a)(2), the computation of the service charge is hereby amended to read as follows.
(B) The amount to be paid as a service charge in lieu of taxes shall be for new construction projects the greater of, and for rehabilitation projects the lesser of:
(1) The tax on the property on which the project is located of the tax year prior to the date when construction or rehabilitation of the project was commenced; or
(2) Twenty percent of the annual shelter rents obtained from the project.
(Ord. 45, passed 2-7-1979)