Resolution No. 5255 - Laserfiche WebLink

Home Browse Search

RESOLUTION NO. 5255 A RESOLUTION APPROVING A LOW-INCOME RENTAL HOUSING PROPERTY TAX EXEMPTION FOR PROPERTY LOCATED AT 11TH AVENUE AND LINCOLN STREET, EUGENE, OREGON. (Applicant 11thandLincoln LLC) The City Council of the City of Eugene finds that: A. Craig I. Weicker, Manager of 11"'andLincoln LLC, has entered into a Purchase Option Agreement to purchase real property located at the northwest corner of 11"' Avenue and Lincoln Street, Eugene, Oregon, 97401 (Assessor's Map 17-03-31-13; Tax Lots 12900, 13000, 13100, 13200, and 13300; Assessor's Property Account Nos. 0262020, 0262012, 0261998, 0262004, 0262038, respectively) owned by Martin Henner, located at 1050 Lincoln Street, Eugene, Oregon. B. 111'andLincoln LLC, located at 2791 Oak Alley Suite 5, Eugene, Oregon, has submitted an application pursuant to Subsection 2.939(2) of the Eugene Code, 1971, for an exemption from ad valorem taxes under the City's Low -Income Rental Housing Property Tax Exemption Program (Sections 2.937 to 2.940 of the Eugene Code, 1971) with respect to low- income residential units to be developed on the property. C. The project will consist of the development of a 70 -unit apartment complex consisting of 64 1 -bedroom units, six 2 -bedroom units, and common space serving the units for which the exemption is sought. D. The Community Development Manager of the Planning and Development Department, as designee of the City Manager, has prepared a Report and Recommendation recommending that the application be approved and the exemption granted. In making that recommendation, the Community Development Manager found that the applicant submitted all materials, documents and fees required by EC 2.938 and is in compliance with the policies set forth in the Standards and Guidelines adopted by Resolution No. 5028. In addition, the Community Development Manager found that the applicant has complied with the criteria for approval provided in EC 2.939(2) and the eligibility requirements at Section 2.1 through 2.9 of the Standards and Guidelines adopted by Resolution No. 5028. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF EUGENE, a Municipal Corporation of the State of Oregon, as follows: Section 1. Based upon the above findings, the City Council approves the application of 111'andLincoln LLC for an ad valorem property tax exemption under the City's Low -Income Rental Housing Property Tax Exemption Program for the property located at the northwest corner Resolution - Page 1 of 2