Resolution No. 5123 - Laserfiche WebLink

Home Browse Search

RESOLUTION NO. 5123 A RESOLUTION APPROVING A LOW-INCOME RENTAL HOUSING PROPERTY TAX EXEMPTION FOR THE PROPERTY LOCATED AT 89 NORTH POLK STREET, EUGENE, OREGON. (Neighborhood Economic Development Corporation (NEDCO) / Applicant.) The City Council of the City of Eugene finds that: A. Neighborhood Economic Development Corporation (NEDCO) has entered into a Commercial Real Estate Sale Agreement to purchase real property located at89 North Polk Street, Eugene, Oregon, 97402(Assessor’s Map17-04-25-41,Tax Lot 4900; Assessor’s Property Account Number 0442101)owned by John Martin, Judith Martin and Richard Gordon, located at 751 Eucalyptus Avenue, Navato, California, 94947. NEDCO, located at 212 Main Street, Springfield, Oregon 97477, has submitted an application pursuant to Subsection 2.939(3)of the Eugene Code, 1971, for an exemption from ad valorem taxes under the City's Low-Income Rental Housing Property Tax Exemption Program (Sections 2.937 to 2.940 of the Eugene Code, 1971).Finalization of the sale of the property to NEDCO is dependent, in part, on City Council’s approval of thepurchase by NEDCO. B. The tax exemption is being sought for 12residential units currently existingon the property at 89 North Polk, all of which will be used for low-income housing,and residential common areas.The units will undergo rehabilitation which is expected to be completed by August of 2015. C. The Community Development Manager of the Planning and Development Department, as designee of the City Manager, has prepared a Report and Recommendation recommending that the application be approved and the exemption granted. In making that recommendation, the Community Development Manager found that the applicant submitted all materials, documents and fees required by the application and Section 2.938(1) of the Eugene Code, 1971, and is in compliance with the policies set forth in the Standards and Guidelines adopted by Resolution No. 5028. In addition, the Community Development Manager found that the applicant has complied with the criteria for approval provided in Section 2.939(3)of the Eugene Code, 1971. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF EUGENE, a Municipal Corporation of the State of Oregon, as follows: Section 1. Based upon the above findings, the City Council approves NEDCO’s application for an ad valorem property tax exemption under the City's Low-Income Rental Housing Property Tax Exemption Program for the property located at89 North Polk Street, Eugene, Oregon, 97402(Assessor’s Map17-04-25-41,Tax Lot 4900; Assessor’s Property Resolution -Page 1of 2