A resolution of the city council granting tax exempt status, as provided in this division,
shall be adopted for each housing development qualified under the terms and provisions
of this division. Notwithstanding the provisions of Section 15(a)(5) of the Act to
the contrary, a contract between the city and the sponsor with the authority as third
party beneficiary under the contract, to provide tax exemption and accept payments
in lieu of taxes as previously described will be effectuated by enactment of such
a resolution by the city council.
