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October 17, 2018, Work Session – Item 2 <br />EUGENE CITY COUNCIL <br />AGENDA ITEM SUMMARY <br />Work Session and Possible Action: Gordon Lofts – Application for Multiple-Unit Property Tax Exemption for Mixed-Use Property Located at 6th Avenue and Pearl Street Meeting Date: October 17, 2018 Agenda Item: 2 Department: Planning and Development Staff Contact: Amanda Nobel Flannery <br />www.eugene-or.gov Contact Telephone Number: 541-682-5535 <br />ISSUE STATEMENT Council is asked to consider the request for a Multi-Unit Property Tax Exemption (MUPTE) for the Gordon Lofts project, located at the northwest corner of 6th Avenue and Pearl Street. This is part of the Obie Companies’ 5th Street Market Expansion. <br />BACKGROUND The City received a MUPTE application in June from Obie Companies/Gordon Lofts LLC for a proposed mixed-use, multi-unit housing development (Gordon Lofts). <br />Program Background MUPTE is an incentive program to encourage high-quality, multi-unit downtown housing—especially in areas well served by public transit. Both rental housing and multi-unit housing for home ownership are eligible; student housing is ineligible. Enabled by state law, the program provides a 10-year property tax exemption on qualified new multi-unit housing investments that occur within a specific, targeted area, that meet program requirements, and that are reviewed and approved by City Council. During the exemption period, property owners still pay taxes on the assessed value of the land and any existing improvements on the property. Council can deem commercial portions of a project to be a public benefit and include them as part of the exemption along with the residential portion. In 2015, after a two-and-a-half-year review, council revised the MUPTE program criteria, process and boundary. See Attachment A for a summary of changes to the program criteria and the process diagram. <br />Review Panel The 2015 MUPTE update established a Review Panel, tasked with providing a third-party review of individual applications for the City Manager. The Review Panel is made up of two at-large representatives selected by neighborhood association boards, two representatives selected by the board of the neighborhood association in which the proposed project is located, and six technical professionals selected by the City Manager from the following six groups: architects/green