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 to moderate
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, MCL 125.1401,
et seq
). The city of Cadillac 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
to moderate income is a public necessity, and as the city will be benefitted 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 division for tax exemption and the service charge in lieu
of taxes during the period contemplated in this division are essential to the determination
of economic feasibility of housing developments which are constructed and financed
in reliance on such tax exemption.
The city acknowledges that Cadillac Castle Limited Dividend Housing Association limited
partnership (the "sponsor") has offered, subject to receipt of an allocation under
the LIHTC program from the Michigan State housing development authority and or federally
or authority aided financing for the project, to erect, own and operate a housing
development identified as Cadillac Castle on certain property located at 820, 824,
900, and 924 S. Mitchell Street, as well as 823, and 831 Aspen Street, as legally
described in "exhibit A" in the city of Cadillac, to serve persons and families of
low to moderate income, and that the sponsor has offered to pay the city of Cadillac
on account of this housing development, an annual service charge for public services
in lieu of all taxes.
(Ord. No. 2018-08, § 1, 7-16-2018)
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