The housing project identified as Attwood Gardens and the property on which it or will be located shall be exempt from all ad valorem property taxes from and after the commencement of construction. The City of Wayne acknowledges that the Sponsor and the Authority have established the economic feasibility of the housing project in reliance upon the enactment and continuing effect of this article, and the qualification of the housing project for exemption from all ad valorem property taxes and a payment in lieu of taxes as established in this article. Therefore, in consideration of the Sponsor's offer to construct and operate the housing project, the City agrees to accept payment of an annual service charge for public services in lieu of all ad valorem property taxes. Subject to receipt of a mortgage loan, the annual service charge shall be equal to 4% of the annual shelter rents actually collected by the housing project during each operating year.
(Ord. 2018-07. Passed 9-4-18; Ord. 2019-08. Passed 10-10-19; Ord. 2020-01. Passed 2-4-2020.)