Las Vegas City Commission Minutes, January 7, 1947 to October 26, 1949, lvc000006-156

138 2. The Authority shall endeavor to secure a contract with the PHA for the acquisition by the Authority of the Project, and in that event shall administer the Project as low-rent housing for families of low income. The provisions of this contract shall be applicable in respect to the Project in the event of such acquisition. 3. The Project and the Authority being exempt from all taxes (and special assessments) under the Constitution and Statutes of the State of Nevada, the Authority shall make payments (herein called the ("PILOT") to the City in lieu of such taxes and special assessments and in payment for municipal services and facilities furnished for or with respect to the Project, as follows: (a) For the period from the day following the end of the tax year, the lien date of which was the last tax lien date preceding the date of conveyance of the Project to the Authority, to the close of the then current Project fiscal year and for each of the next succeeding two Project fiscal years and PILOT shall be in an amount equal to the greater of either (1) all income of the Project, less (i) operating expenses (including reserves, but excluding the PILOT) of the project, and less (ii) an amount computed at the rate of $17,476.00 per annum, or (2) ten per cent (10%) of Shelter Rents earned during such period or fiscal year, as the case may be; (b) For each succeeding Project fiscal year and continuing to a date forty-five (45) years from the date of conveyance of the Project to the Authority the PILOT shall be in an amount equal to ten per cent (10%) of the Shelter Rents earned during such fiscal year. The PILOT made pursuant to subparagraphs (a) and (b) above shall be made after the end of each Project fiscal year, and shall in no event exceed the lesser of (i) the amount of the real property taxes, which would be paid on the Project if it were not exempt from taxation, or (ii) all income of the Project after payment of operating expenses (including reserves but excluding the PILOT) of the Project for the period of fiscal year for which the PILOT is made. Upon failure of the Authority to Make the PILOT, no lien against the Project or assets of the Authority shall attach. The Authority covenants that it will use its best endeavors consistent with the proper administration of the Project for low-rent purposes to budget its expenditures and its rental and other income in such manner that there will be available in each year for PILOT, an amount at least equal to 10% of Shelter Rents. The City shall distribute the PILOT among the Taxing Bodies in the proportion which the real property taxes otherwise payable to each Taxing Body bear to the sum of the real property taxes of all Taxing Bodies which would otherwise be levied against the Project; provided, however, that no payment for any period or year, as the case may be, shall be made to any Taxing Body including the City in excess of the amount of the real property taxes which would have been paid to such Taxing Body for such period or year, as the case may be, if the Project were not exempt from taxation. Anything to the contrary herein notwithstanding, no PILOT shall be made for any period or year which would exceed the amount permitted to be paid by the laws of the State for such period or year. 4. During the period commencing with the date of the conveyance of the Project to the Authority and continuing for forty-five (45) years thereafter, the City without cost or charge to the Authority or the tenants of the Project (other than the PILOT), with respect to the "Project, shall (a) furnish to the Authority and the tenants of the Pro­ject, the usual municipal services and facilities which are or may be furnished without cost or charge to other dwellings and inhabitants in the City, including but not limited to: educational, fire, police and health protection and services, access street maintenance and repair, snow removal, lighting on public streets on the boundaries thereof; (b) extend sanitary sewer mains to the site or sites of the Project and provide adequate sewer services for the Project; (c) waive any build- ing and inspection fees to which the Authority or the Project might otherwise be or become subject; and (d) cooperate with the Authority by vacating such streets and alleys within the area of the Project or adjacent thereto as may be or become necessary in the administration or further development or expansion of the Project, by accepting the dedication of land for new streets and alleys or easements, by zoning or rezoning the site or sites of the Project to an appropriate neighbor- hood classification and by such other lawful action or ways as the City and the Authority may find necessary in connection with the administration or further development or expansion of the Project. The City also does hereby waive any and all existing violations of building, zoning or other ordinances, codes or regulations which might otherwise pre­vent or limit the operation of the Project for the purpose of providing dwelling accommodations for families of low income.