Ordinance No. 20479 - Laserfiche WebLink

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ORDINANCE NO. 20479 AN ORDINANCE CONCERNING MULTIPLE -UNIT HOUSING PROPERTY TAX EXEMPTIONS AND AMENDING SECTIONS 2.945 AND 2.947 OF THE EUGENE CODE, 1971. The City Council of the City of Eugene finds as follows: A. In accordance with State law, Sections 2.945 and 2.947 of the Eugene Code 1971, were adopted setting forth provisions regarding approval of multiple -unit housing property tax exemptions. One of the criteria for approving a multiple -unit housing property tax exemption required that the project be completed on or before January 1, 2012. B. State law has recently been amended and extended the January 1, 2012 project completion deadline to January 1, 2022, and authorized the granting of an exemption for a commercial use that is part of the multiple -unit housing building. C. The Council has determined that Sections 2.945 and 2.947 of the Eugene Code 1971, should be amended to allow the City's multiple -unit housing property tax exemption program to continue, consistent with the new State law, for the downtown core. Although this Ordinance extends the program at this time only for the downtown core, the Council will be considering in the near future what other parts of the City should be eligible for the multiple -unit housing property tax exemption program. THE CITY OF EUGENE DOES ORDAIN AS FOLLOWS: Section 1 . Sections 2.945 and 2.947 of the Eugene Code, 1971, are amended to provide as follows: 2.945 Multiple -Unit Housina — Prot)erty Tax Exemption. (1) The provisions of ORS 307.600 to 307.637 enable cities to grant local property tax exemptions for multiple -unit housing located in core and transit oriented areas designated by the city. There is a need and demand for better housing at rental rates or sale prices accessible to a broad range of the general public in the core and transit oriented areas which is not likely to be produced without this incentive. This incentive is intended to: (a) Stimulate the construction of transit supportive multiple -unit housing in the city's core and transit oriented areas to improve the balance between the residential and commercial nature of those Ordinance -- Page 1 of 7