Resolution No. 5137 - Laserfiche WebLink

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RESOLUTION NO. 5137 A RESOLUTION APPROVING A LOW-INCOME RENTAL HOUSING PROPERTY TAX EXEMPTION FOR THE PROPERTY LOCATED AT 850 AND 870 HUNSAKER LANE, EUGENE, OREGON. (Cornerstone Community Housing / Applicant.) The City Council of the City of Eugene finds that: A. Metropolitan Affordable Housing corporation, dba Cornerstone Community Housing (“Cornerstone”) has entered into a Commercial Real Estate Sale Agreementto purchase real property located at850 and 870 Hunsaker Lane, Eugene, Oregon, 97404(Assessor’s Map 17-04-12-40, Tax Lots502, 508, 509, and 524; Assessor’s Property Account Numbers 1010618 (for TL 502), 1162187(for TL 508), 1162195(for TL 509), and 1847498 (for TL 524))owned byOlaf and Korrina Junge,whose address is 4627 Calumet Way, Eugene Oregon, 97404. Cornerstone, located at1175 Charnelton Street,Eugene, Oregon 97401 (mailingaddress P.O. Box 11923, Eugene, Oregon, 97440),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 Cornerstone is dependent, in part, on City Council’s approval of the use of federal HOME funds for the property acquisition. B. The tax exemption is being sought for eight residential units currently existingon the property, all of which will be used for low-income housing, and residential common areas. The units will undergo rehabilitation. 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 approvesCornerstone’s application for an ad valorem property tax exemption under the City's Low-Income Rental Resolution -Page 1of 2