Item 5: Resolution Approving MUPTE for Broadway Lofts

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L. The Report and Recommendation attached as Exhibit B recommends that the application be approved and the exemption granted. In making that recommendation, the Executive Director found that the applicant submitted all required materials, documents and fees as set forth in Section 2.945 of the Eugene Code, 1971, and the Standards and Guidelines, and the applicant is in compliance with the policies contained therein. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF EUGENE, a Municipal Corporation of the State of Oregon, as follows: Section 1. Based upon the above findings which are adopted, and the City Council’s review of the Executive Director’s Report and Recommendation which is attached as Exhibit B, the City Council approves the application of First On Broadway, LLC for an ad valorem property tax exemption under the City’s Multiple-Unit Property Tax Exemption Program for the rehabilitation of the existing building located at 39 West Broadway Street, Eugene, Oregon, more particularly described in Exhibit A, to include residential units and commercial space, subject to the following conditions: 1. The project shall consist of the development of ten studio units; six one-bedroom units; and three two-bedroom units, for a total of 19 residential units. In addition, the project will include 6,275 square feet of commercial space on the ground floor. 2. The project shall be completed on or before January 1, 2022. 3. The project shall be in conformance with all local plans and planning regulations, including special or district-wide plans developed and adopted pursuant to ORS Chapters 195, 196, 197, 215 and 227. Section 2. The residential units and commercial space to be developed on the property described in Section 1 above (100% of the increase in value of the building) are declared exempt from local ad valorem property taxation beginning July 1 of the year following issuance of a Certificate of Occupancy and continuing for a continuous period of ten years unless earlier terminated in accordance with the provisions of Section 2.947 of the Eugene Code, 1971. Section 3. The City Manager, or the Manager’s designee, is requested to forward a copy of this Resolution to the applicants within ten days, and to cause a copy of this Resolution to be filed with the Lane County Assessor on or before April 1, 2012. Section 4. This Resolution shall become effective immediately upon its adoption. The foregoing Resolution adopted and effective the ____ day of January, 2012. Deputy City Recorder S:\CMO\2012 Council Agendas\M120123\S1201235.doc