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<br />ATTACHMENT A <br /> <br />RESOLUTION NO. _______ <br /> <br /> <br />A RESOLUTION EXTENDING THE TIME FOR CONVEYANCE OF <br />PROPERTY CONCERNING THE MULTIPLE-UNIT PROPERTY TAX <br />TH <br />EXEMPTION FOR PROPERTY LOCATED AT 10 AVENUE AND <br />CHARNELTON STREET, EUGENE, OREGON, AND AMENDING <br />RESOLUTION NO. 4966. <br /> <br /> <br /> The City Council of the City of Eugene finds that: <br /> <br /> A. <br />On February 23, 2009, the Eugene City Council adopted Resolution No. 4966 <br />approving the application of W&G Development Co. for an ad valorem property tax exemption <br />under the City’s Multiple-Unit Property Tax Exemption Program for residential units to be <br />th <br />constructed at 10 Avenue and Charnelton Street, Eugene, Oregon, (the property) subject to the <br />conditions described in that Resolution. <br /> <br />B. <br /> Section 4 of Resolution No. 4966 provides for that Resolution to become effective <br />upon the conveyance of the property from the Eugene Urban Renewal Agency to W&G <br />Development Co., and further provides for the automatic repeal of Resolution No. 4966 in the <br />event that the conveyance does not occur prior to July 1, 2009. <br /> <br />C. <br />Due to the economic downturn and hesitation from W&G Development Co.’s <br />anchor tenant to commit to a lease at this time, W&G Development Co. has requested an <br />extension of time within which to purchase the property from the Eugene Urban Renewal <br />Agency. On March 9, 2009, the Eugene Urban Renewal Agency extended the time for <br />conveyance of the property to W&G Development Co. until September 30, 2009. Because the <br />time for conveying the property has been extended by six months, the automatic repeal date <br />contained in Resolution No. 4966 should also be extended by six months, to January 1, 2010. <br /> <br /> <br />NOW, THEREFORE, <br /> <br /> <br />BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF EUGENE, a <br /> <br />Municipal Corporation of the State of Oregon, as follows: <br /> <br /> Section 1. <br />The City Council hereby amends Section 4 of Resolution No. 4966 as <br />follows: <br /> <br />Section 4. <br /> “ This Resolution shall become effective upon the <br />conveyance of the property from the Eugene Urban Renewal Agency to W&G <br />Development Co. In the event that such conveyance does not occur prior to <br />January 1, 2010, this Resolution is automatically repealed.” <br /> <br /> <br /> <br />Resolution – Page 1 of 2 <br /> <br />