Resolution No. 5032 - Laserfiche WebLink

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RESOLUTION NO, 5032 A RESOLUTION APPROVING A MULTIPLE -UNIT PROPERTY TAX EXEMPTION FOR RESIDENTIAL PROPERTY LOCATED AT 1647 THROUGH 1659 PEARL STREET AND 231 THROUGH 235 EAST 17 AVENUE, EUGENE, OREGON (PEARL STREET SUSTAINABLE HOUSING LLCIAPPLICANT). The City Council of the City of Eugene finds that: A. Pearl Street Sustainable Housing LLC is the owner of real property located at 1647 through 1689 Pearl Street and 231 through 235 East 17 Avenue, Eugene, Oregon, more particularly described in Exhibit A attached to this Resolution, and has submitted an application pursuant to the City's Multiple -Unit Property Tax Exemption Program (Sections 2.945 and 2.947 of the Eugene Code, 1971), with respect to residential units to be constructed on the property. B. The Paradigm on Pearl project ( "the project ") consists of the development of 100 residential units and will include a combination of studios, one - bedroom, two - bedroom and three - bedroom units, and underground parking for the residents. The project will also include commercial space and parking for patrons of the commercial space, which are not subject to this tax exemption. C. The project is located within the boundaries of the core area as described in subsection (2)(a) of Section 2.945 of the Eugene Code, 1971. D. The project could not financially be built "but for" the tax exemption. E. The applicant solicited comments from city- recognized affected neighborhood associations. F, The requirements in the Standards and guidelines for Multiple -Unit Housing Property Tax Exemptions adopted by Administrative Order No. 53- 09 -01 -F related to proximity to historic resources have been satisfied. G. The applicant has complied with the provisions of the Standards and Guidelines as described in the Report and Recommendation attached as Exhibit B to this Resolution which was prepared by the Executive Director of the Planning and Development Department ( "the Director ") as designee of the City Manager. The applicant has also provided a signed contract with the General Contractor stating that construction is expected to be complete on or before January 1, 2012. However, some question remains about the ability to meet this timeline given the scale of the project. If the applicant is unable to complete the project and obtain a certificate of occupancy for the residential portion of the project on or before January 1, 2012, the applicant will not receive the tax exemption and will have no expectation of being granted an extension of the deadline. Resolution - Page 1 of 3