[Code 1975, § 31-38; Code 1992, § 28-91]
The City acknowledges that the Rivertown Limited Dividend Housing Association (sponsor) has offered, subject to receipt of a mortgage loan from the Authority, to erect, own and operate a housing development, identified as Rivertown Green Apartments, on certain property on a ten-acre site on the west side of Electric Avenue at Moak Street in the City as described in § 16-360, to partially serve persons of low income, and that the owner has offered to pay the City an annual service charge for public services in lieu of all taxes.
[Code 1975, § 31-40; Code 1992, § 28-92]
The housing development identified as the Rivertown Green Housing
Development and the property on which it shall be constructed shall
be exempt from all property taxes from and after the commencement
of construction. The City, acknowledging that the sponsor and the
Authority have established the economic feasibility of the housing
development in reliance upon the enactment and continuing effect of
this division and the qualification of the housing development for
exemption from all property taxes and a payment in lieu of taxes as
established in this division and, in consideration of the sponsor's
offer, subject to receipt of a mortgage loan from the authority, to
construct, own and operate such housing development, hereby agrees
to accept payment of an annual service charge for public services
in lieu of property taxes. The annual service charge shall be 4% of
the annual shelter rents from the first year in which the housing
development is subject to such service charge. The service charge
shall increase by 1% of the annual shelter rents in each of the following
years, to a maximum of 10% of annual shelter rents for the seventh
and subsequent years.
[Code 1975, § 31-41; Code 1992, § 28-93]
The service charge in lieu of taxes as determined pursuant to
this division shall be payable in the same manner as general property
taxes are payable to the City.
[Code 1975, § 31-42; Code 1992, § 28-94]
This division shall remain in effect and shall not terminate
so long as the mortgage loan remains outstanding and unpaid or the
Authority has any interest in the property.
[Code 1975, § 31-43; Code 1992, § 28-95]
The property boundaries for which the tax exemption is allowed
pursuant to this division shall be land in the City, being part of
outlots K, M, and lot 137, Assessor's Military Street Plat No. 3,
as recorded in Liber 44 of Plats, page 8, St. Clair County register
of deeds office, and described as: beginning at the most southerly
corner of outlot K as it presently exists, being the intersection
of the northeasterly right-of-way line of Moak Street and the northwesterly
right-of-way line of Electric Avenue, being a 100-foot wide right-of-way;
thence N 46° 38' 00" E 576.93 feet along the northwesterly right-of-way
line of Electric Avenue; thence N 42° 45' 10" W 296.33 feet to
the point of curvature of curve concave to the east, with a radius
of 190.00 feet and an arc length of 139.03 feet and a chord bearing
of N 21° 47' 22" W 135.95 feet; thence N 0° 49' 34" W 7.47
feet; thence S 89° 09' 00" W 636.14 feet; thence S 0° 51'
00" E 675.21 feet to the northerly right-of-way line of Moak Street;
thence along the north right-of-way line N 89° 09' 00" E 391.31
feet; thence S 44° 20' 00" E 96.03 feet to the point of beginning,
which contains 11.29 acres.
[Code 1975, § 31-44; Code 1992, § 28-96]
Notwithstanding the provisions of Section 15a(5) of the Act
[MCL 125.1415a(5)] to the contrary, a contract between the City and
the sponsor, with the Authority as third party beneficiary thereunder,
to provide tax exemption and accept payments in lieu thereof as previously
described is effected by enactment of the ordinance from which this
division is derived.
