(a)   The following fees, taxes, and charges shall not apply to the construction and development of residential housing projects:

   (1)   Which are subsidized, in whole or in part, by the Federal and State government, are built exclusively for senior citizens of low income by nonprofit corporations, and where the property is exempt from County property taxes and any income therefrom exempt from Federal and State income taxes; or

   (2)   Which are privately developed, but the project is constructed and maintained exclusively for habitation by low income senior citizens, as defined by current applicable laws and regulations of the federal and State government, and the continued exclusive maintenance thereof as a low income senior citizen development is guaranteed, by appropriate documents or bonds, to the satisfaction of the City Attorney or designee.

   The fees, taxes and charges so exempted are as follows:

 

 

   (b)   The construction of the projects described in subsection (a) of this section shall comply with all the applicable provisions of this Code, including the provisions relative to land development and building construction. In the event any project described in subsection (a) of this section is no longer maintained exclusively for the habitation of low income senior citizens, all fees, charges, and taxes exempted by the provisions of this chapter shall become immediately due and payable to the City, with interest thereon at the rate of eight (8%) percent per annum, compounded, from the date such charges would have been imposed in the absence of the exemption provided by subsection (a) of this section.

(Ord. 529-NS, eff. May 15, 1975; as amended by § 30, Ord. 1250-NS, eff. January 9, 1996)