Resolution No. 4486 - Laserfiche WebLink

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2.2.5 Close to the High Street bus stop near the front of the building, public benches will be installed and maintained; 2.2.6 An exercise facility will be provided in the basement for tenants; 2.2.7 Architecturally designed landscaping will add curb appeal to the site and surrounding area; 2.2.8 The project reflects careful planning and superior architectural design. This will be a landmark building in downtown. 2.3 The project was monitored through the City's regular processes with respect to planning, permit and building and safety requirements to insure compliance with all local regulations; 2.4 There are no structures located on the property. Currently the site is paved and is being used as a parking lot; 2.5 The owner has agreed to pay the City's low income housing fee, which during the years three through ten of the exemption period will generate $6,360 annually for the City's low income housing fund; 2.6 The owner has stated in the application and provided evidence that the project would not be feasible without the tax exemption because the rent levels would need to be set at a rental rate higher than market. Also, even with the property tax exemption, the project will provide a marginal return on the owners investment. 2.7 The project consists of 58 total rental units. Therefore, based upon the above findings, the project is in conformance with all applicable local plans, planning regulations, the Metropolitan Area General Plan, and the criteria set forth in the City's adopted Standards and Guidelines for Multiple-Unit Rental Housing Property Tax Exemption, and I recommend that the application be approved. Dated this_day of , 1996 Director, Planning & Development Department, City of Eugene