§ 11-1-120. INITIAL WRITTEN APPLICATION REQUIRED.

(A)

A written application for designation as a CLT and an exemption under this article must be filed with the Director of Neighborhood Housing and Community Development or the Director's designee.

(B)

The Director may specify the format of the application.

(C)

In addition to the written information in Subsections (A) and (B) above, the application will require the CLT to submit:

(1)

a copy of its corporate bylaws and the ground lease it intends to use;

(2)

a listing of each parcel or lot of land and each housing unit owned by the CLT, the appraised value of the parcel or lot or housing unit, and the amount of City property taxes the CLT will save as a result of the exemptions; and

(3)

a copy of the most recent audit required in Section 11-1-110(E).

(D)

The City Council may by ordinance approve an application for tax exemption before July 1.

Source: 20120524-020.