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Financial and/or Resource Considerations <br />The City and other local taxing districts forgo revenue when property is exempted from taxes. This <br />project proposes new construction on a property that has been vacant for many years and in public <br />ownership. During that time it was not on the tax rolls; therefore, there is no loss of revenue. New <br />revenue will immediately occur because the land will be taxed during the exemption period. The <br />improvements will bring substantial revenue after ten years. <br /> <br />Timing <br />These extensions are critical if this project is to proceed. The applicant's proposed financing is <br />contingent on the exemption for the viability of the proposal. <br /> <br />RELATED CITY POLICIES <br />MUPTE is enabled by State statute. The City of Eugene has participated in the MUPTE program since <br />1978. Since that time, eleven requests have been approved. Encouraging housing in the core area is <br />consistent with numerous adopted planning documents. Examples include: <br /> <br />The Downtown Plan <br />Policy V. 1 Stimulate multi-unit housing in the downtown core and on the edges of downtown for a <br /> variety of income levels and ownership housing. (The Tate is not inside the Downtown <br /> Plan boundary but is on the edge, five blocks from the intersection of Broadway and <br /> Willamette.) <br /> <br />Growth Management Policies <br /> <br />Policy 1 Support the existing Eugene Urban Growth Boundary by taking actions to increase density <br /> and use on existing vacant land and under-used land within the boundary more <br /> efficiently. <br /> <br />Policy 2 Encourage in-fill, mixed-use, redevelopment, and higher density development. <br />Policy 3 Encourage a mix of business and residential uses downtown using incentives and zoning. <br /> <br />Jefferson/Far West Refinement Plan (The Tate is in this area) <br />Residential 2.0 Increase the opportunity for home ownership within the area <br /> <br />Residential 3.0 Encourage a mixture of housing densities and types to allow a diverse population <br /> group to live within the area. <br /> <br />COUNCIL OPTIONS <br />The council may approve or deny the extension. <br /> <br />CITY MANAGER'S RECOMMENDATION <br />The City Manager recommends approving the resolution to grant the extension. <br /> <br /> L:\CMO\2005 Council Agendas\M050214\S0502142D.doc <br /> <br /> <br />