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RESOLUTION NO. 4978 <br />A RESOLUTION APPROVING A MULTIPLE -UNIT PROPERTY TAX <br />EXEMPTION FOR RESIDENTIAL PROPERTY LOCATED AT 362 EAST <br />12 AVENUE, EUGENE, OREGON (MIDTOWN TERRACE LLC, <br />APPLICANT ), <br />The City Council of the City of Eugene finds that: <br />A. Midtown Terrace, LLC is the owner of real property located at 362 East 12 <br />Avenue, Eugene, Oregon, more particularly described in Exhibit A attached to this Resolution. <br />Midtown Terrace LLC has submitted an application pursuant to the City's Multiple -Unit <br />Property Tax Exemption Program (Sections 2.945 and 2.947 of the Eugene Code, 1971), with <br />respect to residential units to be constructed on the property. <br />B. The proj ect consists of the development of seven one - bedroom units, four two - <br />bedroom units, and 13 three - bedroom units, for a total of 24 residential units. <br />C. The project is located within the boundaries of the core area as described in <br />subsection (2) of Section 2.945 of the Eugene Code, 1971. <br />D, The project could not financially be built "but for" the tax exemption. <br />E. The applicant solicited comments from city - recognized affected neighborhood <br />associations. <br />F. The requirements in the Standards and Guidelines for Multiple -Unit Housing <br />Property Tax Exemptions adopted by Administrative Order No. 53-09-01-F related to proximity <br />to historic resources have been satisfied. <br />G. The applicant has complied with the provisions of the Standards and Guidelines <br />as described in the Report and Recommendation attached as Exhibit B to this Resolution which <br />was prepared by the Executive Director of the Planning and Development Department ( "the <br />Director") as designee of the City Manager. <br />I3. The project will be completed on or before January 1, 2012, and the owner has <br />agreed to include in the construction one or more public benefits. <br />I. The proposed project will be at the time of completion, in conformance with all <br />local plans and planning regulations, including special or district -wide plans developed and <br />adopted pursuant to ORS chapters 195, 196, 197, 215 and 227, that are applicable at the time the <br />application is approved. <br />J. The project is not designed for, and will not be used as transient accommodations. <br />Resolution — Page 1 of 3 <br />