Resolution No. 4955 - Laserfiche WebLink

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Low-Income Rental Housing Property Tax Exemption Program for the property located at 1070 West 6th Avenue, Eugene, Oregon (Assessor's Property Account Number 0473056), subject to the following condition: Upon completion of construction, the project shall consist of 10 one-bedroom units varying in size from 512 square feet to 646 square feet, and a community space of 880 square feet, with rents ranging from $385 per month to $453 per month. Due to an award of an Oregon Housing and Community Services subsidy to supplement rents, no veteran shall pay more than 30% of their income for rent for the duration of the four-year subsidy. After the four-year subsidy period has ended, St. Vincent de Paul will establish a rental subsidy fund to continue to subsidize six veteran units. Section 2. That the land and units described in Section 1 above are declared exempt from local ad valorem property taxation commencing July 1, 2009, and continuing for a continuous period of twenty (20) years unless earlier terminated in accordance with the provisions of Section 2.940 of the Eugene Code, 1971, which provides for termination after an opportunity to be heard if: 2.1 Construction or development of the exempt property differs from the construction or development described in the application for exemption, or was not completed by January 1, 2010, and no extensions or exceptions were granted; or 2.2 The property owner fails to comply with provisions of ORS 307.515 to 307.523, provisions of the Eugene Code, 1971, the Standards and Guidelines adopted by Council Resolution No. 4623, or any conditions imposed in this Resolution. The tax exemption shall be terminated immediately, without right of notice or appeal, pursuant to the provisions ofORS 307.531 in the event: 2.3 The exempt property is being held for future development of low income rental housing and it is used for any purpose other than the provision of low income rental housing; or 2.4 The county assessor determines that a change of use to other than that allowed has occurred for the housing unit, or portion thereof, ocr, if after the date of this approval, a declaration as defined in ORS 100.005 is presented to the county assessor or tax collector for approval under ORS 100.110. Section 3. The City Manager, or the Manager's designee, is requested to forward a copy of this Resolution to the applicant, and to the other taxing affected districts, within ten days from the date of adoption of this Resolution, and to cause a copy of this Resolution to be filed with the Lane County Assessor on or before April 1, 2009. Resolution - Page 2 of 3