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RESOLUTION NO. 5025 <br />AMENDMENT OF' RESOLUTION NO, 4999 APPROVING A LOW - <br />INCOME RENTAL HOUSING PROPERTY TAX EXEMPTION FOR THE <br />PROPERTY LOCATED AT 2984 2985 AND 2985 OAK STREET, <br />EUGENE, OREGON. (SHELTERCARE /APPLICANT,) <br />The City Council of the City of Eugene finds that: <br />A. ShelterCare (the applicant), whose address is P.D. Box 23338, Eugene, Oregon, <br />97402, is the owner of real property located at 2984, 2986, 2988 Oak Street and 2985 Willamette <br />Street, Eugene, Oregon, 97402 (Assessor's Map /Tax Lot No. 18- 03- 07 -11- 06600; Assessor's <br />Property Account Number 0631976), and submitted an application pursuant to Subsection <br />2.93 9(3) of the Eugene Code, 1971, for an exemption from ad valorem taxes under the City's <br />Low - Income Rental Housing Property Tax Exemption Program (Sections 2.937 to 2.940 of the <br />Eugene Code, 1971). <br />B. On February ',8, 2010, Resolution No. 4999 was adopted approving ShelterCare's <br />application for an ad Valorem property tax exemption under the City's Low - Income. - Rental <br />Housing Property Tax Exemption Program for the properties located at 2954, 2986,'.-'and 2988 <br />Da Street Eugene, Oregon, 97402 (Assessor's Map /Tax Lot No. 18-03-07-11-06600 <br />Assessor's Property Account Number 0631976), for 35 one - bedroom units at rents affordable to <br />60% of area median income. The future of the structure located at 2955 Willamette Street is <br />uncertain. At this time, it is not being used as a residence for low- income persons and, therefore, <br />is not subject to -the tax exemption. At the time that Resolution No.. 4999 was adopted, <br />ShelterCare was in the process of purchasing the property, but the sale had not yet closed. <br />ShelterCare's acquisition of the property was finalized in December, 2010. <br />C. Resolution No. 4999 provided that the tax exemption commence on July 1, 2010, <br />and continue for a continuous period of twenty (20) years. However, due to delay of the sale of <br />the property, the exemption' was riot commenced on July 1, 2010. It is necessary to amend <br />Resolution No. 4999 so that the exemption will commence on July 1, 2011, thereby allowing <br />ShelterCare the full 20 years of the property tax exemption. <br />D. In addition, Resolution No. 4999 declared the residential units on the property <br />exempt from local ad Valorem property taxation; however, the Resolution should have declared <br />both the land and units exempt as permitted by Section 2.940(5) of the Eugene Code, 1971. <br />Therefore, Resolution No. 4999 should also be amended to reflect that the land and residential <br />units are granted the exemption. <br />NOW, THEREFORE, <br />BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF EUGENE, a <br />Municipal Corporation of the State of Oregon, as follows: <br />Resolution - Page 1 of 2 <br />