§ 27-43. Commencement of construction and duration of the tax exemption.

The tax exemption established under section 27-40 shall not take effect if the sponsor fails to commence construction on the housing development within one (1) year of the effective date of the resolution approving the tax exemption. The city council may adopt a resolution extending the time period for commencing construction if the sponsor establishes good cause for the delay. Once the tax exemption takes effect, it shall remain in effect and shall not terminate as long as the mortgage loan for the housing development remains outstanding and unpaid or as long as the authority or other governmental entity has an interest in the property.

(Ord. No. 342, § 8, 7-13-98; Ord. No. 346, § 8, 1-25-99; Ord. No. 437, § 1, 11-25-13)