The elderly portion of the housing development identified as Suntree and the property on which it shall be constructed is determined to be exempt from all real and personal property taxes, pursuant to Public Act 346 of 1966, as amended. The city acknowledges that the sponsor and MSHDA have established the economic feasibility of the housing development in reliance upon the enactment and continuing effect of this subchapter and the qualifications of the elderly portion of the housing development for exemption from all property taxes and a payment of the service charge in lieu thereof.
(1990 Code, § 1.234)