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<br />Financial and/or Resource Considerations <br />The City and other local taxing districts forgo revenue when property is exempted from taxes. This is an <br />existing housing development that has a 2004 taxable value of $2,408,252 and paid $44,275.66 in <br />property taxes. The proposed project also includes the construction of 16 new units of housing. The <br />council must weigh the benefits of providing long-term, rent-controlled housing for a low-income <br />population against the loss of revenue. <br /> <br /> <br />COUNCIL OPTIONS <br /> <br />City Council may approve or deny the resolution amendment <br /> <br /> <br />CITY MANAGER’S RECOMMENDATION <br /> <br />The City Manager recommends the approval of the resolution amendment which corrects an error in the <br />legal description granting a 20 year property tax exemption to Redwood Park. <br /> <br /> <br />SUGGESTED MOTION <br /> <br />Move to approve Resolution 4854 concerning the low-income rental housing property tax exemption <br />granted Redwood Partners, LLC., and amending Resolution No. 4853. <br /> <br /> <br />ATTACHMENTS <br /> <br />A. Resolution <br /> <br /> <br />FOR MORE INFORMATION <br /> <br />Staff Contact: Richie Weinman <br />Telephone: 682-5533 <br />Staff E-Mail: Richie.d.weinman@ci.eugene.or.us <br /> L:\CMO\2005 Council Agendas\M051024\S0510243C.doc <br /> <br />