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<br />shall be imposed upon the property under ORS 307.531 or 307.533. <br />(5) <br /> [In no event shall t]The low-income housing granted an exemption by the council <br />shall be exempt from ad valorem taxation for [more than] 20 successive years <br />beginning with the tax year commencing immediately following the calendar year in <br />which the application was approved. The exemption shall apply only to the land and <br />improvements located thereon that are a part of the low-income rental housing unit, <br />or land that is being held for future development of low income rental housing. The <br />exemption shall be in addition to any other exemption provided by law. In the final <br />year of low-income housing tax exemptions, applications for subsequent low- <br />income housing tax exemptions for the property may be submitted. Such <br />applications shall be processed in accordance with sections 2.937 to 2.940 of <br />this code. <br /> <br />Section 5. <br /> The City Recorder, at the request of, or with the consent of the City Attorney, is authorized <br />to administratively correct any reference errors contained herein, or in other provisions of the Eugene Code, <br />1971, to the provisions added, amended or repealed herein. <br /> <br />Passed by the City Council this Approved by the Mayor this <br /> <br />___ day of _______________, 201__ ____ day of _______________, 201__ <br /> <br /> <br /> <br />____________________________ _____________________________ <br /> <br /> City Recorder Mayor <br /> <br /> <br /> <br />