Resolution No. 5278 - Laserfiche WebLink

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RESOLUTION NO. 5278 A RESOLUTION APPROVING A MULTIPLE -UNIT PROPERTY TAX EXEMPTION FOR RESIDENTIAL PROPERTY LOCATED AT 1040 AND 1050 FERRY STREET, EUGENE, OREGON (APPLICANT RNS MANAGEMENT, LLC). The City Council of the City of Eugene finds that: A. RNS Management, LLC (980 Willamette Street, Suite 200, Eugene, Oregon), is the owner of real property located at 1040 and 1050 Ferry Street, Eugene, Oregon (Assessor's Map Number 17-03-32-23 Tax Lots 9400 and 9500) ("the Property"). B. RNS Management, LLC ("the applicant") 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 to be constructed on the property ("the project"). C. The proposed project consists of the development of 35 studio units and 15 one - bedroom units, for a total of 50 residential units. As proposed, the project is not designed for the leasing of individual rooms or beds, for transient or vacation uses, 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, prepared the Report and Recommendation attached to this Resolution 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 recommendation, the Executive Director found that the applicant submitted all materials, documents, and fees required by EC 2.945, EC 2.946, and Rule R-2.945, and the applicant is in compliance with the policies contained therein. Resolution - Page 1 of 5