Laserfiche WebLink
EUGENE CITY COUNCIL <br />AGENDA ITEM SUMMARY <br /> <br /> Adoption of Resolution 4825 Extending the Completion Date for Construction of <br /> Residential Units Granted a Multiple-Unit Property Tax Exemption Under Resolution <br /> No. 4815 (1375 Olive, LLC) <br /> <br />Meeting Date: February 14, 2005 Agenda Item Number: 2D <br />Department: Planning and Development Staff Contact: Richie Weinman <br />www. cl. eugene, or. us Contact Telephone Number: 682-5533 <br /> <br />ISSUE STATEMENT <br />City Council is asked to approve a resolution granting an extension for the Multi-Unit Property Tax <br />Exemption (MUPTE) for "The Tate" at 1375 Olive Street. <br /> <br />BACKGROUND <br />On November 22, 2004, the council approved a Multi-Unit Property Tax Exemptions (MUPTE) for The <br />Tate. The adopted resolution reflected the current provision in the State statutes that require housing <br />projects to be completed for occupancy by January 1, 2006. January 1, 2006, is when the current State <br />enabling legislation for MUPTE sunsets, unless the current legislature extends the program. (The <br />legislature is likely to approve that extension). However, the state statute also allows participating <br />jurisdictions to subsequently approve a one-year extension for approved projects. <br /> <br />The Tate is actively proceeding and may break ground in the next month. However, it can not <br />reasonably be expected to be complete for occupancy by January 1, 2006. Therefore, the applicant <br />requested the allowed extension. The council's approval of the extension is immediately critical for <br />financing. <br /> <br />This action is being placed on the Consent Calendar because it is essentially a housekeeping item to <br />comply with State law. The project itself is not changing from what the council approved. <br /> <br />The council has a 26-year history of supporting tax exemptions to encourage new housing in the core <br />area. This project is proposed for a site that was a City of Eugene parking lot serving the former library <br />and permit parkers. When the site was purchased last year, the applicant stated that this tax exemption <br />was critical to the project. Subsequently, City Council expanded the MUPTE boundary to specifically <br />include this site. In April 2004, the MUPTE program regulations and boundary were further amended. <br /> <br /> L:\CMO\2005 Council Agendas\M050214\S0502142D.doc <br /> <br /> <br />