Resolution No. 4520 - Laserfiche WebLink

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Section 1. Based upon the above findings, which are adopted herein, and the City Council's review of the Report and Recommendation of the Director of the Planning and Development Department, the City Council hereby approves the application of Ross Lane Limited Partnership for an ad valorem property tax exemption under the City's Low-Income Rental Housing Property Tax Exemption Program for the property located at Ross Lane (Tax Lot 17-04- 12-30 Lot 5004), Eugene, Oregon, as more particularly described on Exhibit "A" attached hereto and incorporated herein by reference, subject to the following conditions: 1. approval. The project shall be completed within two years after the date of this 2. The project shall consist of thirty-six (9-fourplex structures) low-income rental housing units (24 two bedroom and 12 three bedroom units), and all of the property shall be used for the purpose of providing low-income rental housing. Section 2. That the land and the improvements constructed thereon as described in Section 1 above are hereby declared exempt from local ad valorem property taxation commencing July 1 of the tax year following certification of completion and continuing for a continuous period of twenty (20) years unless earlier terminated in accordance with the provisions of Section 2.940 of the Eugene Code, 1971. Section 3. The City Manager, or the Manager's designee, is requested to forward a copy of this Resolution to the applicant, and to the other taxing districts affected hereby, within ten days from the date hereof, and to cause a copy of this Resolution to be filed with the Lane County Assessor on or before April 1, 1998. I /)~ The foregoing Resolution adopted the ~ day of May, 1997. /1 '-- ~ie Zder Resolution - 2