Item 2D: Resolution Correcting Date on Vet Lift Tax Exemption

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ECC UGENE ITY OUNCIL AIS GENDA TEM UMMARY Adoption of Resolution 5007 Amending Resolution No. 4867 to Modify the Commencement Date of the Low-Income Rental Housing Property Tax Exemption for Property Located at 951 West 7th, Eugene, Oregon (St. Vincent de Paul Society of Lane County, Inc.) Meeting Date: May 24, 2010 Agenda Item Number: 2D Department: Planning and Development Staff Contact: Richie Weinman www.eugene-or.gov Contact Telephone Number: 541 682-5533 ISSUE STATEMENT The City Council is asked to adopt a resolution that modifies the commencement date in a previously adopted resolution for a low-income housing tax exemption. The resolution grants a twenty-year th property tax exemption for St. Vincent dePaul’s (SVDP) Vet Lift project at 951 West 7 Avenue. BACKGROUND On April 10, 2006, the council approved a 20-year tax exemption for St. Vincent dePaul’s VetLift project, to commence on July 1, 2006. Because of the timing of the council action, the start of the tax year, and other factors related to the project, the tax exemption did not actually start until July 1, 2007. The Lane County Tax Assessor’s office has determined that it is important to correct the adopted resolution to reflect the actual date. RELATED CITY POLICIES Support for low-income housing is found in the City’s Growth Management Goals and the adopted HUD Consolidated Plan. COUNCIL OPTIONS The City Council may approve or deny the resolution. CITY MANAGER’S RECOMMENDATION The City Manager recommends the approval of the resolution which corrects the implementation date. SUGGESTED MOTION Move to adopt Resolution 5007 approving a modified commencement date for a low- income rental housing property tax exemption for the property located at 951 West 7th, Eugene, Oregon (Assessor’s property account number 0266211). (St. Vincent de Paul society of Lane County, Inc.) Z:\CMO\2010 Council Agendas\M100524\S1005242D.doc