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RESOLUTION NO. 5188 <br />A RESOLUTION AMENDING RESOLUTION NO. 5167CONCERNING <br />APPROVAL OF THE MULTIPLE-UNIT PROPERTY TAX EXEMPTION <br />FOR RESIDENTIAL PROPERTY LOCATED AT844 OLIVESTREET, <br />EUGENE, OREGON (Applicant: Granite Properties LLC). <br />The City Council of the City of Eugene finds that: <br />A. <br />On July 27, 2016, the City Council passed Resolution No. 5167 approving the <br />application of Granite Properties LLC for an ad valorem property tax exemption under the City’s <br />Multiple-Unit Property Tax Exemption Program for residential units to be constructed at844 Olive <br />Street,Eugene, Oregon (Assessor’s Map Number 17-03-31-13, Tax Lot 4400) and the southern <br />half of Urban Renewal Agency owned property (approximately 2,000 square feet) that is directly <br />west of 844 Olive Street (currently part of Assessor’s Map 17-03-31-13, Tax Lot 4200) <br />(collectively referred to as “the property”), subject to certain conditions. <br />B. <br />One of the conditions for approval wasdescribedin Section 3 of the Resolution <br />which provided that “the tax exemption shall not take effect unless or until closing occurs on the <br />purchase of the property by Granite Properties LLC.” <br />C. <br />In September 2016, the property identified as Assessor’s Map Number 17-03-31- <br />13, Tax Lot 4400was purchased by Granite Properties LLC,along with threeothers, astenants in <br />common.As Granite Properties LLC is not the sole owner of the propertypurchased,in order to <br />avoid any question as to the validity of the property tax exemption, Resolution No. 5167 should <br />be amended to specify that the required purchase has occurred. <br />NOW, THEREFORE, <br />BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF EUGENE, a <br />Municipal Corporation of the State of Oregon, as follows: <br />Section 1. <br />Section 3 of Resolution No. 5167 is amended to provide as follows: <br />Section 3 <br />.Notwithstanding Section 2 above, the tax exemption shall <br />not take effect unless closing has occurredon the purchase of the property identified <br />as Assessor’s Map Number 17-03-31-13, Tax Lot 4400by Granite Properties LLC, <br />either alone or with others. <br />Section 2. <br />The City Manager, or the Manager’s designee, is requested to forward a <br />copy of this Resolution to the applicantwithin ten days, and to cause a copy of this Resolution to <br />be filed with the Lane County Assessor on or before April 1, 2017. <br />Resolution -Page 1of 2 <br /> <br />