Resolution No. 4715 - Laserfiche WebLink

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RESOLUTION NO. 4715 A RESOLUTION APPROVING A WAIVER OF EMPLOYMENT REQUIREMENTS FORA PROPERTY TAX EXEMPTION TO HYNIX SEMICONDUCTOR MANUFACTURING AMERICA, INC. FOR ITS OPERATIONS IN THE WEST EUGENE ENTERPRISE ZONE. The City Council of the City of Eugene finds as follows: A. The City of Eugene and Lane County are co-sponsors of the West Eugene Enterprise Zone, which terminated in 1997. B. Hynix Semiconductor Manufacturing America, Inc. (Hynix) is an eligible business firm as provided in ORS 285B.707 and has the right under ORS 285B.686(2) to seek additional tax exemptions in the enterprise zone. C. Hynix now seeks a tax exemption for its operations in the West Eugene Enterprise Zone under ORS 285B.704, and has requested a waiver subject to the conditions identified below. D. property. In 2001, Hynix completed an investment of more than $25 million in qualified E. In 2001, Hynix laid off a number of employees and presently employs approximately 250 fewer persons than were employed one year ago. F. ORS 285B.704(3) allows an eligible firm, with the zone sponsor's approval, to qualify for a tax exemption if it completes an investment of $25 million or more in qualified property, on or before December 31 preceding the first assessment year, even if the firm would otherwise be disqualified by a loss of employment. G. Under ORS 285B. 704(3)(b), a zone sponsor may require other conditions of a firm seeking qualification by waiver of the employment requirement. H. It is in the public interest to waive the employment requirement and set a new employment requirement for Hynix to be qualified for a tax exemption. I. The City Council desires to waive the employment requirements, pursuant to ORS 285B.704(3) and subject to certain conditions, so that Hynix may qualify for a three-year tax exemption under ORS 285B.698 and ORS 285B.704 beginning in FY03. Resolution - 1