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Section 1. Based upon the above findings, which are adopted herein, and the City <br />Council's review of the Report and Recommendation of the Director of the Planning and <br />Development Department (AIC), the City Council hereby approves the application of <br />Metropolitan Affordable Housing Corp. for an ad valorem property tax exemption under the <br />City's Low-Income Rental Housing Property Tax Exemption Program for a portion of the <br />property located at 265 West 8th Avenue, Eugene, Oregon (Tax Lot 17-03-31-12-13700, 14100, <br />14200), as more particularly described on Exhibit "A" attached hereto and incorporated herein by <br />reference, subject to the following condition: <br /> <br /> 1.1 Upon completion of construction, the project shall consist of 102 low- <br /> income rental housing units (31 studios, 54 one-bedroom, and 17 two-bedroom units) and <br /> the common space serving those units, which shall be used for the purpose of providing <br /> low-income rental housing. <br /> <br /> 1.2 The portion of the project consisting of eight market rate live/work spaces <br /> and one commercial space will not be subject to the exemption. <br /> <br /> Section 2. That the land, the improvements constructed thereon, and the common space <br />serving those units as described in Section 1.1 above are hereby declared exempt from local ad <br />valorem property taxation commencing July 1, 2006 and continuing for a continuous period of <br />twenty (20) years unless earlier terminated in accordance with the provisions of Section 2.940 of <br />the Eugene Code, 1971, which provides for termination after an opportunity to be heard if: <br /> <br /> 2.1 Construction or development of the exempt property differs from the <br /> construction or development described in the application for exemption, or was not <br /> completed by January 1, 2010, and no extensions or exceptions were granted; or <br /> <br /> 2.2 The property owner fails to comply with provisions of ORS 307.515 to <br /> 307.523, provisions of the Eugene Code, 1971, the Standards and Guidelines adopted by <br /> Council Resolution No. 4623, or any conditions imposed in this Resolution; and <br /> <br />immediate termination, without right of notice or appeal, pursuant to the provisions of ORS <br />307.531 in the event: <br /> <br /> 2.3 The exempt property is being held for future development of low income <br /> rental housing and it is used for any purpose other than the provision of low income <br /> rental housing; or <br /> <br /> 2.4 The county assessor determines that a change of use to other than that <br /> allowed has occurred for the housing unit, or portion thereof, or, if after the date of this <br /> approval, a declaration as defined in ORS 100.005 is presented to the county assessor or <br /> tax collector for approval under ORS 100.110. <br /> <br /> Section 3. The City Manager, or the Manager's designee, is requested to forward a copy <br />of this Resolution to the applicant, and to the other taxing districts affected hereby, within ten <br />days from the date hereof, and to cause a copy of this Resolution to be filed with the Lane <br />County Assessor on or before April 1, 2006. <br /> <br />Resolution - 2 <br /> <br /> <br />