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EUGENE CITY COUNCIL AGENDA ITEM SUMMARY Adoption of Resolution 4815 Approving a Multiple-Unit Property Tax Exemption for Residential Property Located at 1375 Olive Street, Eugene, Oregon (1375 Olive, LLC) Meeting Date: November 22, 2004 Agenda Item Number: 2D Department: Planning and Development Staff Contact: Richie Weinman www. cl. eugene, or. us Contact Telephone Number: 682-5533 ISSUE STATEMENT City Council is asked to approve a resolution granting a Multi-Unit Property Tax Exemption (MUPTE) for "The Tate" at 1375 Olive Street. BACKGROUND The council has a 26-year history of supporting tax exemptions to encourage new housing in the core area. This project is proposed for a site that was a City of Eugene parking lot serving the former library and permit parkers. When the site was purchased last year, the applicant stated that this tax exemption was critical to its project. Subsequently, City Council expanded the MUPTE boundary to specifically include this site. In April 2004, the MUPTE program regulations and boundary were further amended. The City and other local taxing districts forgo revenue when property is exempted from taxes. This project proposes new construction on a property that has been vacant for many years and in public ownership. During that time it was not on the tax rolls; therefore, there is no loss of revenue. New revenue will immediately occur because the land will be taxed during the exemption period. The improvements will bring substantial revenue after ten years. The following is project summary: The Tate 47 units of ownership housing (condominiums) 1375 Olive Applicants and representatives: 1375 Olive LLC, Jean Tate and Joyce Owens Zoning: A combination of C2 and R4 Public Comments The MUPTE Standards and Guidelines require both an opportunity for the Planning Commission to comment and publishing a display advertisement in the Register-Guard, followed by a thirty-day comment period. The Planning Commission discussed this application on October 11 and declined to make any comment. The Jefferson Westside Neighbors received a presentation on the project and, while taking no formal action, indicated its support. The advertised comment period for The Tate ends on November 19. There was also a news article in the Register-Guard. To date, one comment has been submitted: L:\CMO\2004 Council Agendas\M041122\S0411222D.doc