The housing project identified as Wayne Towers Senior Citizen High-Rise and the property on which it is located shall be exempt from all ad valorem property taxes from and after the effective date of this article. The City acknowledges that the Sponsor and its lender has established that the continued economic feasibility of development is reliant 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. Therefore, in consideration of the Sponsor’s offer to continue to operate the development as an affordable housing project, the City agrees to accept payment of an annual service charge for public services in lieu of all ad valorem property taxes. The annual service charge shall be equal to 10% of 95% of the total rental or occupancy charges collected or to be collected by the Sponsor as to each of the living units within the development during the then-current calendar year.
(Ord. 2020-02.  Passed 6-16-20.)