[9-19-2018 by Ord. No. 1744]
It is determined that the class of housing projects to which the exemption set forth in § 33.1-24 shall apply, and for which a service charge shall be paid in lieu of taxes, shall be elderly low- and moderate-income housing projects, which are constructed and established pursuant to the Act, after January 1, 2018. § 33.1-38.1, § 33.1-38.2 and §§ 33.1-38.5 through 33.1-38.9 of Article IIIA of Chapter 33.1 shall apply to all elderly housing projects constructed after January 1, 2018, except as modified in this Article VII.
[9-19-2018 by Ord. No. 1744]
(1)
That portion of an elderly housing project exclusively and especially
designated for and occupied by elderly or disabled persons of low
and moderate income developed and constructed upon a parcel of land
within the City sufficient for the operation of such project (but
no larger) which is constructed after January 1, 2018, shall be exempt
from all property taxation beginning in the year following commencement
of construction and continuing for the term of 20 years when approved
by resolution of the City Council. Notwithstanding the foregoing,
an elderly housing project, including units occupied by the disabled,
constructed after January 1, 2018, shall be subject to a service charge
in lieu of property taxes in the amounts hereinafter set forth which
shall be applied against annual shelter rent of the preceding calendar
year, exclusive of utility charges paid by tenants of 4%.
(2)
Notwithstanding the foregoing, in no event shall the service charge,
at any time, be less than the property taxes upon the land only without
improvements for the tax year prior to the date when construction
was commenced.
[9-19-2018 by Ord. No. 1744]
The developer shall enter into a development agreement and municipal
services agreement with the City.
