Resolution No. 4494 - Laserfiche WebLink

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Section 1. Based upon the recommendation of the Director of Planning and Development, the above findings, and the hearing before the Council, the application of Lorig Associates, LLC for a property tax exemption under the City's Multiple-Unit Property Tax Exemption Program for the residential improvements to be constructed upon the property located at the East-West alley between 8th Avenue and Broadway on the North, Charnelton Street on the East, East-West alley between 10th and Broadway on the South, and Lincoln Street on the West, Eugene, Oregon, and more particularly described on Exhibit "A" attached hereto and incorporated herein by reference, be, and the same is hereby approved, subject to the following conditions: 1. The project shall consist of 160 total rental units. 2. The project shall contain public benefits that include, but are not limited to: the addition of 160 residential units in the downtown core area will strengthen the viability of downtown and enhance the potential for those working downtown to also live there; the creation of a streetscape that is pedestrian-friendly with a mix of residential and commercial uses; enhancement of neighborhood amenities through landscape features and preservation of historic street trees; the provision of secured covered bicycle parking; and a reduction in the visual impact of parking by locating the housing development above the public parking. The applicant shall pay the low income housing fee, which during years three through ten of the exemption period, will generate $17,120 annually for the City's low income housing fund. Section 2. That the residential improvements to be constructed upon the property described in Section 1 above are hereby declared exempt from local property taxation commencing July 1 of the year following certification of completion and continuing for a continuous period of 10 years unless earlier terminated in accordance with the provisions of Section 2.947 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, 1997. The foregoing Resolution adopted the ~1hday of July, 1996. fI- f)Q CityZrder Resolution - 2