02/20/1980 Meeting - Laserfiche WebLink

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VI. ~ AMENDMENT TO THE STANDARDS AND GUIDELINES FOR DETERMINING THE LOCAL . PROPERTY TAX EXEMPTION PROGRAM FOR NON-OWNER-OCCUPIED, REHABILITATED . RESIDENTIAL PROPERTY (Memo Distributed: Additional Information Distributed ... . Under Separate Cover) ~ I Mr. Henry stated that this is an amendment to a previous resolution which . applies to single-family, multiple-family, or mixed-use property. A change in legislation has extended the period of exemption from five to ten years and this amendment would make this change in the resolution. This amendment has been reviewed by Joint Housing and they recommend approval of the amendment. Res. No. 3313--A resolution concerning limited assessment and local property tax exemption for rehabilitated residential property in the City of Eugene, and amending standards and guidelines adopted by resolutions numbered 2655 and 3277. Ms. Smith moved, seconded by Mr. Lieuallen, to adopt the resolution. Roll call vote; motion carried unanimously. VII. ECONOMIC DEVELOPMENT ADMINISTRATION PARTICIPATION IN CIVIC CENTER DEVELOPMENT (Memo Distributed) Mr. Henry indicated that this proposal is for approval of the Economic Development Administration's participation in construction of the confer- ence center component of the Civic Center. He further indicated that this is a request for approval of what will amount to approximately a $1.3-million participation in that funding. Manager introduced Jim ... Farah, Planning Department, to provide additional information. ,., Mr. Farah showed where the Eugene Performing Arts Center would be located. He noted the Manager has directed the Planning Department to begin work for a $1.75-million grant to assist in construction of a 35,OOO-square- foot conference center; Mike Tharp, Ed Smith, and he have been working on this proposal which they hope to have finished in March. Mr. Farah further stated that the Economic Development Administration recommended that this proposal receive priority as a potential funding project. This project is a part of a larger complex, the Civic Center complex. These two projects will create more revenues and local dollars as well as local participation. In response to Mr. Lieuallen's question, Mike Tharp stated that our share, 50 percent of the construction cost, would come from tax increment funding. In response to Mr. Lieuallen's additional question, Mr. Tharp indicated that the funding potential for a bond issue is something that we now have. It would be a tax allocation bond at nine-percent interest for 30 years. Mr. Lieuallen then asked for clarification regarding the tax increment system and whether these monies would be available for operating functions; Mr. Tharp's response was no, that it was for construction. Ms. Miller asked what percentage of the State's total allocation from the Economic Development Administration was represented by this $1.75-million. Mr. Farah responded that this figure would represent at least 30 percent, e 2/20/80--6