Item 4 - Low-Income Prop Tx Ex. - Laserfiche WebLink

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warrants exceeding the Housing Dispersal Policy's 60-unit limitation; that the project is otherwise in conformance with applicable local plans, planning regulations, the Metro Plan, the criteria for approval as set forth in Subsection 2.939(2) of the Eugene Code, 1971, and the policies set forth in the Standards and Guidelines adopted by Resolution No. 4623 of the City Council; and that the applicant has submitted all materials, documents and fees required by the application and the City, including, but not limited to: documentation that the housing units on the property will be constructed after February 12, 1990, documentation that the required rent payment will reflect the full value of the property tax exemption, documentation that the property is offered for rental solely as a residence for low-income persons, and documentation that the applicant has previously executed the required Consent to Inspection of Premises and the Rent Regulatory Agreement, which agreement contains a provision requiring certification of income levels of low-income occupants. 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 herein, and the City Council's review of the Report and Recommendation of the Director of the Planning and Development Department, the City Council hereby approves the application of Public Private Partnerships, Inc. for an ad valorem property tax exemption under the City's Low-Income Rental Housing Property Tax Exemption Program for the property located at Marche Chase Drive and Kinsrow Avenue, Eugene, Oregon (Tax Lot 17-03-28-40-1406), as more particularly described on Exhibit "A" attached hereto and incorporated herein by reference, subject to the following condition: Upon completion of construction, the project shall consist of 240 low-income rental housing units (60 one-bedroom, 84 two-bedroom, and 96 three-bedroom units), and all of the property shall be used for the purpose of providing low-income rental housing. Section 2. That the land and the improvements constructed thereon as described in Section 1 above are hereby declared exempt from local ad valorem property taxation commencing July 1, 2005 and continuing for a continuous period of twenty (20) years unless earlier terminated in accordance with the provisions of Section 2.940 of the Eugene Code, 1971, which provide for termination after an opportunity to be heard if: 2.1 Construction or development of the exempt property differs from the construction or development described in the application for exemption, or was not completed by January 1, 2010, and no extensions or exceptions were granted; or 2.2 The property owner fails to comply with provisions of ORS 307.515 to 307.523, provisions of the Eugene Code, 1971, the Standards and Guidelines adopted by Council Resolution No. 4623, or any conditions imposed in this Resolution; and immediate termination, without right of notice or appeal, pursuant to the provisions of ORS 307.531 in the event: 2.3 The exempt property is being held for future development of low income rental housing and it is used for any purpose other than the provision of low income rental housing; or L:\CMO\2004 Council Agendas\M040809\S0408094.doc