§ 46-180. Establishment of annual service charge.

The housing development identified as Riverwalk Meadows and the property on which it shall be situated 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 herein, and in consideration of the sponsor's offer, subject to the receipt of a mortgage loan or an allocation of low income housing tax credits from the authority to construct, own, and operate said housing development, hereby agrees to accept payment of an annual service charge for public services in lieu of all property taxes. The annual service charge shall be equal to four percent of the difference between annual shelter rents actually collected and utilities.

(Code 1970, § 11½-48)