Resolution No. 5074 - Laserfiche WebLink

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divided by debt service) is 1.14, below industry standards to obtain conventional financing and to attract investors. (d) The housing units on the property are anticipated to be constructed in 2013. (e) The applicant has complied with the policies set forth in the Standards and Guidelines for Low - Income Rental Housing Property Tax Exemption adopted by council Resolution No. 5028. (f) The proposed development is consistent with the city's housing dispersal policy. The policies contained in the Housing Dispersal Policy apply to housing for persons at or below 50% of area median income. This development is for persons at 60% of area median income. Therefore, those specific policies do not apply. (g) The proposed development does not cause the displacement of low- income persons. The application is for new construction on vacant land. (h) The proposed development does not cause destruction of historic properties. The application is for new construction on vacant land. No historic properties will be destroyed. (i) The proposed development is otherwise consistent with the Eugene Code and adopted city regulations and policies. The proposed development is consistent or will be required to be consistent with this code and adopted city policies and regulations reviewed under this application. Consistency with zoning, building, and other code requirements will be addressed when building permit applications are reviewed by Building Permit Services staff. 3. Comments have been solicited from interested City departments, agencies, and the affected neighborhood groups. A committee of the Housing Policy Board also held a public meeting to discuss the application at which public comments were accepted and the City Council added a public forum to their agenda to listen to neighbor comments. In total, six individuals spoke and /or provided written comments at the Housing Policy Board committee meeting, 15 written comments were received during the 20 day comment period that ended November 12, 2012, and five people spoke at the public forum on November 19, 2012 (four against the project, plus the developer). Comments relate to the scale of the project and its compatibility with the neighborhood, increases in traffic, decreases in property values, neighborhood safety and increases in crime, and concern with providing a local incentive to an out of town, for - profit developer. Some River Road Apartments /Evergreen Housing Report and Recommendation - Page 2 of 3