Item 5: MUPTE for 16th and Hilyard Apartments

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ATTACHMENT C REPORT AND RECOMMENDATION of the Director of the Planning & Development Department Corey Development, LLC Multiple-Unit Property Tax Exemption The Director of the Planning & Development Department of the City of Eugene finds that: 1. Our Property Holdings One, LLC, is the owner of real property located at 693 East 16th Avenue, Eugene, Oregon, 97401, more particularly described in the attached Exhibit A (“the property”). 2. On April 18, 2007, the City of Eugene received an application submitted by Corey Development, LLC pursuant to the City’s Multiple-Unit Property Tax Exemption Program (Sections 2.945 and 2.947 of the Eugene Code, 1971) with respect to residential units identified th as the 16 & Hilyard Apartments (“the project”) to be constructed on the property. 3. On June 25, 2007, the City Council denied applicant’s request for the property tax exemption. 4. On January 7, 2008, the City of Eugene received a revised application submitted by Corey Development, LLC pursuant to the City’s Multiple-Unit Property Tax Exemption Program. Mr. Corey requested that the Council reconsider its June 25, 2007 decision based on the redesigned project. The revised application proposed a smaller apartment complex than the complex proposed in the original application, and included an updated income analysis for the property, illustrating that construction of the project would not viable without the property tax exemption. 5. On April 14, 2008, the City Council denied applicant’s revised request for the property tax exemption. 6. On April 24, 2008, David Corey re-submitted Corey Development, LLC’s revised application for the property tax exemption. This most recent application includes the identical project details and cost/income analysis of the application received by the City on January 7, 2008. 7. I have reviewed the application and specifically find that the project to be constructed will result in an eligible structure for the property tax exemption as defined in the Standards and Guidelines, will be located within the downtown core area, the construction will be completed on or before January 1, 2012, and: 7.1 The applicant has submitted all materials, documents and fees required by the City; REPORT AND RECOMMENDATION / Exhibit B to Resolution No. ______ -- Page 1 of 4 08 Hilyard-Corey Reapp. #2 MUPTE R R - Ex. B (00198928).DOC