§ 18-9-10. Payment in lieu of taxes for developments financed with federally-aided or authority-aided mortgages.
Latest version.
It is acknowledged that it is a proper public purpose of the State of Michigan and
its political subdivisions to provide housing for its citizens of low income and to
encourage the development of such housing by providing for a service charge in lieu
of property taxes in accordance with the State Housing Development Authority Act of
1966 (1966 PA 346, as amended, MCLA 125.1401 et seq.; MSA 116.114(1) et seq.). The
city is authorized by this act to establish or change the service charge to be paid
in lieu of taxes by any or all classes of housing exempt from taxation under this
act at any amount it chooses, not to exceed the taxes that would be paid but for this
act. It is further acknowledged that such housing for persons of low income is a public
necessity, and as the city will be benefited and improved by such housing, the encouragement
of the same by providing certain real estate tax exemption for such housing is a valid
public purpose; further, that the continuance of the provisions of this ordinance
for tax exemption and the service charge in lieu of taxes during the period contemplated
in this ordinance are essential to the determination of economic feasibility of housing
developments which are constructed and financed in reliance on such ordinances and
service charge.
