03/13/2017 City Council Agenda - Laserfiche WebLink

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EUGENE CITY COUNCIL AGENDA ITEM SUMMARY Action: Granite Properties Resolution Amendment Meeting Date: March 13, 2017 Department: Planning & Development www.eugene-or.gov ISSUE STATEMENT Agenda Item Number: 3 Staff Contact: Amanda Nobel Contact Telephone Number: 541-682-5535 Council is asked to consider a resolution amendment to clarify unintended ambiguity of section 3 of Resolution 5167 for the Multi -Unit Property Tax Exemption (MUPTE) for Granite Properties LLC's Olive Lofts project, located at 844 Olive Street. The amendment does not change the project or the exemption. The amendment resolution is in Attachment A. BACKGROUND On July 27, 2016, council passed Resolution 5167 approving the MUPTE application for the Olive Lofts mixed-use, multi -unit housing development to be constructed at 844 Olive Street. (See Attachment B for Resolution 5167.) Section 3 of resolution 5167 provides that a condition approval was that the property be purchased: "The tax exemption shall not take effect unless or until closing occurs on the purchase of the property by Granite Properties LLC." In September 2016, the property was purchased by Granite Properties LLC, along with three others, as tenants in common. As written, section 3 is ambiguous as to whether this shared ownership is acceptable; the resolution amendment will clarify that the purchase requirement has been met. The resolution amendment would not alter the project or the exemption. It will only remove the ambiguity about whether Granite Properties' purchase as a "tenant in common," rather than as the sole owner, satisfies the condition of section 3. COUNCIL OPTIONS 1. Approve the resolution amendment. 2. Revise and then approve resolution amendment. 3. Decline to approve resolution amendment at this time. CITY MANAGER'S RECOMMENDATION The City Manager recommends the resolution amendment in Attachment A.