Resolution No. 5297 - Laserfiche WebLink

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is not accompanied by the required fee shall be returned to the applicant. Any application returned for these reasons shall be deemed not to have been filed. 4. Duration of Tax Exemption. An exemption from ad valorem taxes may be granted for a period of twenty successive years for the land and the improvements located thereon that are a part of the newly -constructed low-income rental housing or for land that is being held for future development of low-income rental housing. In the final year of low-income housing tax exemptions, applications for subsequent low-income housing tax exemptions for the property may be submitted. Such applications shall be processed and acted upon in accordance with sections 2.937 to 2.940 of the Eugene Code, 1971 and any applicable state law. 5. Policies. In addition to the criteria set forth in Section 2.939(2) of the Eugene Code, 1971, and Section 2 above, unless the land is being held for future development of low income rental housing, the applicant must demonstrate compliance with the following policies in order to be eligible for a property tax exemption hereunder: 5.1 Rent Regulatory Agreement The owner must agree to execute and maintain in effect for the duration of the tax exemption period, a Rent Regulatory Agreement in a form approved by the City, and which contains, but is not limited to, provisions establishing regular reporting requirements and periodic inspection periods, and demonstrates that the required rent payment reflects the full value of the property tax exemption. 5.2 Inspection of Premises. The owner must consent in writing that for the duration of the tax exemption period the City may inspect the property for which the exemption is granted at reasonable times, without prior notice, to insure that the premises are maintained in decent, safe and sanitary conditions for the occupants. 6. Recommendations on Applications. Upon receipt of an application for property tax exemption hereunder, the City Manager shall: 6.1 Review the application and all supportive material to verify that the applicant has provided the information required and paid the required fee. The City Manager shall promptly notify the applicant of any omissions. 6.2 Solicit recommendations or comments from interested City departments, agencies, and the affected neighborhood group(s). Within 20 days of forwarding referrals, written comments shall be submitted to the City Manager by the agencies, departments and groups to whom referral is made. Failure to respond within 20 days will be deemed approval of the proposal as submitted. 6.3 If necessary to address comments or recommendations received, establish a meeting with the applicant, or the applicant's authorized representative to review the application. 6.4 Within 45 days from the date the application is filed, forward his or Exhibit A to Resolution No. 5297 Standards and Guidelines - Page 4 of 5