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<br />Property Tax Exemption for LO\^J-income Rental Housing
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<br />SCHEDULE 3.. RENT REGULATORY AGREEMENT
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<br />PARTIES:
<br />
<br />City of Eugene, a municipal corporation
<br />of the State of Oregon Ij
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<br />
<br />(City)
<br />
<br />and
<br />
<br />(Applicant)
<br />
<br />RECITALS:
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<br />A.
<br />
<br />Pursuant to the provisions of Sections 2.937 to 2.940 of the Eugene Code,
<br />1971, and the Standards and Guidellnes approved by Resolution No. 4327 of
<br />the City Council, the City administers a program that provides an exemption
<br />from ad valorem taxes for new low-income rental housing.
<br />
<br />B.
<br />
<br />Applicant h2-~' submitt,ed an. ap~ation f?f property tax eX~~~io~ for property
<br />
<br />~~c:~~c~~;~i)~~ih-thiS~t i;~~~d <~: :;:'~UI~--3:as
<br />
<br />required by Section 5.1 of the above-referenced Standards and Guidelines.
<br />
<br />Now, therefore, the parties agree as follows:
<br />
<br />1. R.~oP'Qr-t, Applicant agrees that on or before February 1 of the first tax year to which
<br />this exemption applies, and on or before February -I of each year thereafter for the
<br />duration of the tax exemption period, it '.vill provide to the City a report that certifies
<br />under oath:
<br />
<br />8. The total nurnber of rental units on the Subject Property which are
<br />occupied and unoccupied as of December 31 of the preceding calendar
<br />year;
<br />b. The income levels of the occupants of the rental units;
<br />c. That unoccupied units are being offered for rental solely as a residence
<br />for low-Income persons; and
<br />d. That the required rental payment(s) reflect the fun value of the property
<br />tax exemption granted to Applicant for the Subject Property.
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