Resolution No. 4966 - Laserfiche WebLink

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Recommendation attached as Exhibit B, and approves the application of W &G Development Co. for an ad valorem property tax exemption under the City's Multiple -Unit Property Tax Exemption Program for the residential units to be constructed at 1 W h Avenue and Charnelton Street, Eugene, Oregon, and more particularly described in the legal description attached as Exhibit A. subject to the following conditions: 1. W &G Development Co. shall comply with all of the terms of the Purchase and Sale Agreement between the Eugene Urban Renewal Agency and W &G Development Co., executed on November 25, 2008, including any amendments to that Agreement. 3. The project shall be completed on or before January 1, 2012. 4. The project shall include all of the public benefit design elements as required in the Standards and Guidelines and described in Section 2.2 of the Report and Recommendation attached as Exhibit B. 5. Upon completion, the project shall be in conformance with all local plans and planning regulations, including special or district -wide plans developed and adopted pursuant to ORS Chapters 195, 196, 197, 215 and 227. Section 2 . The residential units to be constructed upon the property described in Section 1 above are declared exempt from local ad valorem property taxation beginning July 1 of the year following certification of completion and continuing for a continuous period of ten 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 applicants, and to the other affected taxing districts, within ten days of adoption, and to cause a copy of this Resolution to be filed with the Lane County Assessor on or before April 1 following the date that this Resolution becomes effective. Section 4 . This Resolution shall become effective upon the conveyance of the property from the Eugene Urban Renewal Agency to W &G Development Co. In the event that such conveyance does not occur prior to July 1, 2009, this Resolution is automatically repealed. The foregoing Resolution adopted the 23rd day of February, 20090 noa� Actinj City Recorder Resolution -- Page 2 of 2