It is acknowledged that it is a proper public purpose of the state and its political
subdivisions to provide housing for its citizens of low income and to encourage the
development and ownership for such housing by providing for a service charge in lieu
of property taxes in accordance with the State Housing Development Authority Act of
1966, being Public Act 346 of the Public Act of 1966 as amended, MCLA 125.1401 et
seq.
The city is authorized by said act to establish or change the service charge to be
paid in lieu of taxes by any and all classes of housing exempt from taxation under
the act at any amount it chooses not to exceed the taxes that would be paid but for
the act. It is further acknowledged that such housing for persons and families of
low income is a public necessity, and as the city will be benefited and improved by
such housing, that the encouragement of the same by providing certain real estate
tax exemptions therefore is a valid public purpose; further, that the continuance
of the provisions of this division for tax exemption and the service charge in lieu
of taxes during the periods hereinafter contemplated are essential to the determination
of economic feasibility of the housing development which has been financed in reliance
thereon.
The city acknowledges that Bay City Maplewood Manor Limited Dividend Housing Association
LLC, the "sponsor", has offered, subject to the receipt of an allocation under the
Low Income Housing Tax Credit Program (LIHTC) from the Michigan State Housing Development
Authority, and a federally aided mortgage, as that term is defined in the act, to
own and operate a housing development identified as Maplewood Manor on certain property
located at 1200 N. Madison Avenue, in the city, to serve elderly persons and families
of low income and that the sponsor has offered to pay to the city on account of said
housing development an annual service charge for public services in lieu of all taxes.
(Ord. No.
2014-1
, 2-3-2014)
var val = document.getElementById('citecontent').innerHTML;
art.dialog.defaults.title = window.location.href;
art.dialog.data('cite', val);
art.dialog.data('homeDemoPath', '/Scripts/plus/artDialog/');
art.dialog.open('/Scripts/plus/artDialog/citeiframe.html');
