The tax exemption recognized herein shall not be withdrawn and the service charge established herein shall not be changed by the city so long as the mortgage loans remain outstanding and unpaid or MSHDA has any interest in the property; provided further, however, in no case shall the duration exceed 30 years from the date of issuance of an occupancy permit, and provided further that:
(A) The sponsor annually files with the City Assessor a certified notification of exemption as required by Section 15a(1) of the Act, as amended, being M.C.L.A. § 125.1415a(1); and
(B) Pursuant to Section 15a(6) of the Act, as amended, being M.C.L.A. § 125.1415a(6), the annual service charge to be paid in lieu of taxes for that part of the housing development which is occupied by other than persons or families of low income shall be equal to the full amount of taxes that would be paid on that portion of the housing development if the housing development were not exempt; and
(C) Construction of the housing development commences within one year of the effective date of this subchapter.
(1990 Code, § 1.236)