Resolution No. 4715 - Laserfiche WebLink

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NOW, THEREFORE, based upon the above findings, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF EUGENE, a Municipal Corporation of the State of Oregon, as follows: Section 1. Pursuant to ORS 285B. 704(3 )(b), the City approves Hynix' s qualification for a property tax exemption under ORS 285B.698, subject to the following six conditions: a. To remain qualified for a tax exemption, Hynix shall maintain a minimum average annual employment level equal to 650 employees during the period of the exemption. The definitions of employee and employment in ORS 285B.650 and OAR 123- 065-4400 to -4410 shall govern the interpretation of this condition and the calculation of employment levels, except that the term "employee" shall not include persons who are leased, contracted for or otherwise obtained through another entity. Notwithstanding the previous sentence, for the first year of the exemption, the calculation of average annual employment shall be based on the seven months between April 1 and November 1,2002. For each year thereafter, the calculation shall be based on the 12 months preceding November 1 of that year. b. By November 15 of each year of the tax exemption, Hynix shall deposit into an interest-bearing escrow account established for that purpose an amount equal to the amount of taxes that would be due if the property were not exempt, which amount is to be determined from the tax assessor's office. For purposes ofORS 285B.728(6), this payment shall be considered a payment to the sponsor. c. F or each year of the tax exemption, local schools shall receive from the escrow account referenced in subsection (b) an amount equal to the sum of the permanent tax rates of Lane ESD, Lane Community College and School District 4-J, multiplied by the assessed value of Hynix ' s qualified property per thousand. That amount shall be distributed proportionally (based on permanent tax rates) to K-12 education, Lane ESD, and Lane Community College. The K-12 contribution shall be distributed to the 4-J and Bethel school districts in amounts proportional to the districts' enrollments. d. For each year of the tax exemption, the City and County shall collectively receive from the escrow account an amount equal to: the payment referenced in subsection (b), less the payment of the funds to the local schools referenced in subsection (c), less the amount of Hynix' s financial benefit (as calculated pursuant to subsection (e) below). The City and County shares of this payment shall be based on the ratio of the city's permanent tax rate to the county's permanent tax rate. e. Hynix' s financial benefit, net of the school contributions described in subsection (c), shall be proportional to the average annual employment level it achieves relative to the employment level of 986 employees that would be required without this Resolution - 2