Resolution No. 5241 - Laserfiche WebLink

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RESOLUTION NO. 5241 A RESOLUTION APPROVING A LOW-INCOME RENTAL HOUSING PROPERTY TAX EXEMPTION FOR A PORTION OF THE PROPERTY LOCATED AT 350 PEARL STREET, EUGENE, OREGON. (APPLICANT EVERGREEN UNION RETIREMENT ASSOCIATION) The City Council of the City of Eugene finds that: A. Evergreen Union Retirement Association is the owner of real property located at 350 Pearl Street, Eugene, Oregon, 97401 (Assessor's Map 17-03-30-44; Tax Lot 4700; Assessor's Property Account No. 0257244). Evergreen Union Retirement Association ("the applicant"), located at 350 Pearl Street, Eugene, Oregon 97401, has submitted an application pursuant to Section 2.939(3) of the Eugene Code, 1971 ("EC"), for an exemption from ad valorem taxes under the City's Low -Income Rental Housing Property Tax Exemption Program (EC 2.937 to 2.940). B. The Ya Po Ah Terrace development is a 222 -unit apartment complex with common areas. A tax exemption is being sought for the 211 low-income rental housing units in the complex (121 studios, 30 alcoves and 60 one -bedroom units) and common space serving the units for which the exemption is sought. Eleven of the units in the development are market rate units which will not be subject to the exemption. C. The Community Development Manager of the Planning and Development Department, as designee of the City Manager, has prepared a Report and Recommendation recommending that the application be approved and the exemption granted. In making that recommendation, the Community Development Manager found that the applicant submitted all materials, documents and fees required by EC 2.938 and is in compliance with the policies set forth in the Standards and Guidelines adopted by Resolution No. 5028. In addition, the Community Development Manager found that the applicant has complied with the criteria for approval provided in EC 2.939(3) and the eligibility requirements at Section 2.1 through 2.9 of the Standards and Guidelines adopted by Resolution No. 5028. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF EUGENE, a Municipal Corporation of the State of Oregon, as follows: Section 1. Based upon the above findings, the City Council approves the application of Evergreen Union Retirement Association for an ad valorem property tax exemption under the City's Low -Income Rental Housing Property Tax Exemption Program for aportion of the property located at 350 Pearl Street, Eugene, Oregon, 97401 (Assessor's Map 17-03-30-44; Tax Lot 4700; Assessor's Property Account No. 0257244) which will include: Resolution - Page 1 of 2