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<br />Fiscal Impact <br />This property currently generates $1,413 in annual property tax. Based on valuation, 55% of that value <br />is attributed to the land itself, which will continue to be taxed during the exemption period. <br />Approximately $636 of current taxes will be lost each year during the exemption period because the <br />existing structure is removed from the tax rolls, totaling $6,360. Based on today’s values, the new <br />apartments will generate approximately $6,000 per year in taxes. The tax loss from removing the small <br />house will be made up almost entirely in year 11 after the tax exemption period is over. The apartments <br />will continue to generate a greater revenue stream into the future. <br /> <br />Timing <br />This application was submitted on October 10, 2008. If the council does not act within 180 days the <br />application is considered approved. <br /> <br /> <br />RELATED CITY POLICIES <br />MUPTE is enabled by state statute. The City of Eugene has participated in the MUPTE program since <br />1978. Encouraging housing in the core area is consistent with numerous adopted planning and policy <br />documents. Examples include: <br /> <br />Growth Management Policies <br />Policy 1 Support the existing Eugene Urban Growth Boundary by taking actions to increase <br />density and use on existing vacant land and under-used land within the boundary more <br />efficiently. <br />Policy 2 Encourage in-fill, mixed-use, redevelopment, and higher density development. <br />Policy 3 Encourage a mix of business and residential uses downtown using incentives and zoning. <br /> <br />West University Refinement Plan <br />V.9 The City will encourage residential uses in all parts of the plan area. <br /> <br />V.11 The City and the neighborhood shall study ways to encourage a variety or mix of <br />structure types providing both owner and rental opportunities and appealing to a diverse <br />population. <br /> <br /> <br />COUNCIL OPTIONS <br /> <br />The council may approve the exemption, deny the exemption, or may delay approval in order to request <br />additional information from the developer to determine that a satisfactory public benefit has been met. <br /> <br /> <br />CITY MANAGER’S RECOMMENDATION <br />The City Manager recommends approving the resolution to grant the exemption. <br /> <br /> <br />SUGGESTED MOTION <br /> <br />Move to adopt Resolution 4961 approving a Multiple-Unit Property Tax Exemption for residential <br />thth <br />property located at 435 East 15 Avenue, Eugene, Oregon (East 15 Townhouses; Newman Family <br />Partnership, Applicant). <br /> Z:\CMO\2009 Council Agendas\M090112\S0901125.doc <br /> <br />