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<br />2.4 632 and 632 Y2 East 15th Avenue has two existing older structures <br />in poor condition. Both structures will be demolished; <br /> <br />2.5 The owner has agreed to pay the City's low income housing fee, which <br />during the years three through ten of the exemption period will generate $3,480 <br />annually for the City's low income housing fund; <br /> <br />2.6 The owner has stated in the application and provided evidence that the <br />project would not be feasible without the tax exemption because the rent levels would <br />need to be set at a rental rate higher than market; <br /> <br />2.7 The project consists of 30 total rental units. <br /> <br />Therefore, based upon the above findings, the proposed project is in conformance with <br />all applicable local plans, planning regulations, the Metropolitan Area General plan, and the <br />criteria set forth in the City's adopted Standards and Guidelines for Multiple-Unit Rental <br />Housing Property Tax Exemption, and I recommend that the application be approved. <br /> <br />Dated this_ day of <br /> <br />, 1996. <br /> <br />Director, Planning & Development <br />Department, City of Eugene <br />