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RESOLUTION NO. 49S0 A RESOLUTION APPROVING A MULTIPLE-UNIT PROPERTY TAX EXEMPTION FOR RESIDENTIAL PROPERTY LOCATED AT 693 EAST 16TH STREET, EUGENE, OREGON (COREY DEVELOPMENT, LLC/ APPLI CANT). The City Council of the City of Eugene finds that: A. Our Property Holdings One, LLC, is the owner of real property located at 693 East 16th Avenue, Eugene, Oregon, 97401, more particularly described in the attached Exhibit A ("the property"). B. On April 18, 2007, the City of Eugene received an application submitted by Corey Development, LLC pursuant to the City's Multiple-Unit Property Tax Exemption Program (Sections 2.945 and 2.947 of the Eugene Code, 1971) with respect to residential units identified as the 16th & Hilyard Apartments ("the project") to be constructed on the property. C. On June 25, 2007, the City Council denied applicant's request for the property tax exemption. D. On January 7, 2008, the City of Eugene received a revised property tax exemption application submitted by Corey Development, LLC pursuant to the City's Multiple-Unit Property Tax Exemption Program. Mr. Corey requested that the Council reconsider its June 25, 2007 decision based on the redesigned proj ect. The revised application proposed a smaller apartment complex than the complex proposed in the original application, and included an updated income analysis for the property, illustrating that construction of the project would not viable without the property tax exemption. E. On April 14, 2008, the City Council denied applicant's revised request for the property tax exemption. F. On April 24, 2008, David Corey re-submitted Corey Development, LLC's revised application for the property tax exemption. This most recent application includes the identical project details and cost/income analysis as the application received by the City on January 7, 2008. G. A display ad soliciting recommendations or comments from the public was published in the Register-Guard on May 4, 2008, and advised that written comments would be accepted for a period of 30 days from the date of publication. No comments were received in response to the ad. Recommendations or comments were also solicited from the Planning Commission, and other interested City departments, agencies, and neighborhood groups. Resolution - Page 1 08 Hilyard-Corey Reapp. #2 MUPTE Approval Resol. (00198924)