Resolution No. 4852 - 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 Plam~ing and Development Department (AIC), the City Council hereby approves the application of Metropolitan Affordable Housing Corp. for an ad valorem property tax exemption under the Cky~s Low4ncome Rental Housing Property Tax Exemption Program fbr a portion of the property located at 265 West 8th Avenue, Eugene, Oregon (Tax Lot 17-03-31-12-13700, 14100, 14200), as more particularly described on Exhibit "A" attached hereto and incorporated herein by reference, subject to the following condition: 1.1 Upon completion of construction, the project shall consist of 102 low~ income rental housing units (31 studios, 54 one-bedroom, and 17 two-bedroom units) and the common space serving those units, which shall be used for the purpose of providing low-income rental housing. 1.2 The portion of the project consisting of eight market rate live/work spaces and one commercial space will not be subject to the exemption. Section 2~ That the land, the improvements constructed thereon, and the common space serving those units as described in Section 1.1 above are hereby declared exempt from local ad valorem property taxation commencing July 1, 2006 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, which provides for termination after an opportunity to be heard if: 2.1 Construction or development of the exempt property differs from the construction or development described in the application for exemption, or was not completed by January 1,2010, and no extensions or exceptions were granted; or 2.2 The property owner fails to comply with provisions of ORS 307.515 to 307.523, provisions of the Eugene Code, 1971, the Standards and Guidelines adopted by Council Resolution No. 4623, or any conditions imposed in this Resolution; and immediate termination, without right of notice or appeal, pursuant to the provisions of ORS 307.531 in the event: 2.3 The exempt property is being held for future development of low income rental housing and it is used for any purpose other than the provision of low income rental housing; or 2.4 The county assessor determines that a change of use to other than that allowed has occurred for the housing unit, or portion thereof, or, if a~er the date of this approval, a declaration as defined in ORS 100.005 is presented to the county assessor or tax collector for approval under ORS 100.110. 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 Resolution - 2