03/13/2017 City Council Agenda - Laserfiche WebLink

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RESOLUTION NO. 5167 A RESOLUTION APPROVING A MULTIPLE -UNIT PROPERTY TAX EXEMPTION FOR RESIDENTIAL PROPERTY LOCATED AT 844 Olive STREET, EUGENE, OREGON (APPLICANT: GRANITE PROPERTIES LLC). The City Council of the City of Eugene finds that: A. Granite Properties LLC (PO Box 50084, Eugene, Oregon, 97405) has entered into a Residential Real Estate Sale Agreement to purchase real property located at 844 Olive Street, Eugene, Oregon (Assessor's Map Number 17-03-31-13, Tax Lot 4400) owned by EUGOR LLC (2320 OSU Drive, Newport, Oregon, 97365), and intends to purchase the southern half of Urban Renewal Agency owned property (approximately 2,000 square feet) that is directly west of 844 Olive Street (currently part of Assessor's Map 17-03-31-13, Tax Lot 4200) ("collectively referred to as the property"). B. Granite Properties LLC has submitted an application pursuant to the City's Multiple -Unit Property Tax Exemption Program (Sections 2.945 through 2.947 of the Eugene Code, 1971 ("EC")), with respect to residential units and commercial space to be constructed on the property. C. The proposed project consists of the development of 12 one -bedroom units and 24 studio units, for a total of 36 residential units. The ground floor will contain a total of approximately 5,730 square feet, of which 3,900 square feet is existing commercial space, and approximately 1,830 square feet is new construction (approximately 1,056 square feet for commercial space and the remaining to service the residential portion of the building). The project will also include the existing basement of 2,900 square feet. The project is not designed for the leasing of individual rooms or beds, or otherwise designed primarily for individuals attending college. D. An independent outside professional consultant was retained and reviewed the project's financial pro -forma. A Review Panel was convened and reviewed the independent consultant's conclusions, and also reviewed the application in order to make a recommendation as to whether the application met the criteria in EC 2.946. The Review Panel's recommendation was submitted for the City Manager's review. E. After considering the Review Panel's conclusions and recommendation, the Executive Director of the Planning and Development Department ("the Executive Director") as designee of the City Manager, has prepared the Report and Recommendation attached hereto as Exhibit A and incorporated herein by reference. The Report and Recommendation sets forth findings demonstrating that the project meets the criteria described in EC 2.946 and the conditions set forth in Multiple -Unit Housing Property Tax Exemption Rule R-2.945 ("Rule R-2.945"). F. Based on the findings in the Report and Recommendation, the Executive Director recommends that the application be approved and the exemption granted. In making that Resolution - Page 1 of 5