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2. DISPELLING UNITS. <br /> <br />The Local Authority shall endeavor: <br /> <br /> (a) to secure a con'tract or contracts with the <br />· Government for loans and annual contributions covering one or <br /> more Projects comprising approximately one hundred (100) units <br /> of low-income housing and <br /> <br /> (b) to develop or acquire and administer such Project <br /> or Projects, each of which shall be located within the corpor~ <br /> ate limits of the Municipality. The obligations of the parties <br /> hereto shall apply to each such Project. <br /> <br />3. TAX EXEMPTION. <br /> <br /> (a) Under the Constitution and statutes of the State <br />of California, all Projects are exempt from all real and <br />personal property taxes and special assessments levied or <br />imposed by any Taxing Body. With respect to any Project, so <br />long as either <br /> <br /> (i) such Project is owned by a public body or <br />governmental agency ~nd is used for low-income housing <br />purposes, or <br /> <br /> (ii) any contract between the Local Authority ~. <br />and the Government for loans or annual contributions, or both, ~ <br />in connection ~th such Project remains in force and effect, or1 <br /> (iii) any bonds issued in connection with such <br />Project or any monies due to the Government in connection with <br />such Project remain unpaid, ~Thichever period is the longest, <br />the Municipality agrees that it ~dll not levy or impose any <br />real or personal property taxes upon such Project or upon the <br />Local Authority ~th respect thereto. During such period, the <br />Local Authority shall make annual payments (herein called <br />"Payments in Lieu of T~xes") in lieu of such taxes and special <br />assessments and in payment for the public services and facilities <br />furnished from time to time ~thout other costs or charge for or <br />with respect to such Project. <br /> <br /> (b) Each such annual Payment in Lieu of Taxes shall <br />be made to the Alameda county Tmx Collector at the time when <br />real property taxes on suc~ Project ~ould~e paid i~ it were <br />subject to taxation, and shall be 'in mn mmo~nt equal to either <br /> <br /> (i) ten percent of th~ Shelter Rent actually <br />collected but in no event to exceed ten p~rcent of the Shelter <br />Rent charged by the Local Authority in respect to such Project <br />during the twelve months' period ending June 30, before such <br />paSnnent is made, or <br /> <br /> <br />