Resolution No. 5032 - Laserfiche WebLink

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REPORT AND RECOMMENDATION of the Planning & Development Department The Paradigm on Pearl Application for Multiple -Unit Property Tax Exemption The Executive Director of the Planning & Development Department of the City of Eugene Finds that: 1. Pearl Street Sustainable Housing, LLC is the owner of real property located at 1647 -- 1659 Pearl Street and 231-- 235 East 17 Avenue, Eugene, Oregon (Assessor's Ma 17033144; Tax - Lot 9900 10000, 10100). Pearl Street Sustainable Housing, LLC has submitted an application pursuant to the City's Multiple -Unit Property Tax Exemption Program (Sections 2.945 and 2.947 of the Eugene Code, 1971), with respect to residential units to be constructed on the property. 2. As the City Manager's designee, I have reviewed the application and find that: 2.1 The project will provide 40 studio - bedroom units, 32 one -- bedroom units, 18 two - bedroom units, and 10 three - bedroom units, for a total of 100 residential units. The project will also provide four commercial spaces with a total square footage of 4,800 and commercial parking that will not be subject to the tax exemption. 2.2 In order to qualify for the exemption, the applicant is required to complete construction prior to January 1, 2012. The applicant provided a signed contract with the General Contractor and a construction timeline showing that construction is expected to be complete on or before January 1, 2012. However, some question remains about the ability to meet this timeline given the scale of the project and experience from other projects. In light of this possibility, should the Council decide to grant the exemption, the resolution approving the exemption should state explicitly that if the applicant is unable to complete the project and obtain a temporary or final certificate of occupancy f prior to January 1, 2012, that the applicant will not receive the tax exemption and will have no expectation of being granted an extension. The applicant is aware of the deadline and implications of not meeting it. 2.3 The project is located in the core area described in subsection (2)(a) of Section 2.945 of the Eugene Code, 1971. 2.4 The applicant has submitted all materials, documents, and fees required by the City as set forth in Section 2.945 of the Eugene Code, 1971, and the Standards and Guidelines Page 1 of 3 Resolution EXHIBIT B -- Report and Recommendation