Resolution No. 4815 - Laserfiche WebLink

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Development Department attached as Exhibit B, the City Council hereby approves the application of 1375 Olive, LLC for an ad valorem property tax exemption under the City's Multiple-Unit Property Tax Exemption Program for the residential portion of the improvements to be constructed at 1375 Olive Street, Eugene, Oregon, and more particularly described on Exhibit A attached hereto, subject to the following conditions: 1. The project shall consist of 47 residential units (14 one-bedroom, 27 two- bedroom, and 6 three-bedroom units), which are not designed and will not be used as transient accommodations. 2. The project shall be completed on or before January 1, 2006. 3. The project shall include one or more public benefits as required by the Standards and Guidelines, and described in the Director's Report and Recommendation attached as Exhibit B. 4. The project shall be in conformance with all local plans and planning regulations, including special or district-wide plans developed and adopted pursuant to ORS Chapters 195, 196, 197, 215 and 227. Section 2. The residential units to be constructed upon the property described in Section 1 above are declared exempt from local ad valorem property taxation beginning July 1 of the year following certification of completion and continuing for a continuous period of ten years unless earlier terminated in accordance with the provisions of Section 2.947 of the Eugene Code, 1971. The exemption provided for herein does not extend to the portion of improvements designed and utilized for retail/commercial uses. Section 3. The City Manager, or the Manager's designee, is requested to forward a copy of this Resolution to the applicant, and to the other affected taxing districts, within ten days, and to cause a copy of this Resolution to be filed with the Lane County Assessor on or before April 1, 2005. Section 4. This Resolution shall become effective immediately upon its adoption. The foregoing Resolution adopted and effective the 22nd day of November, 2004. City Recor~r Resolution - Page 2