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Item 4 - Low-Income Prop Tx Ex.
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Item 4 - Low-Income Prop Tx Ex.
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6/9/2010 1:09:41 PM
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8/9/2004 11:49:56 AM
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Agenda Item Summary
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8/9/2004
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Property Tax Exemption for Low-income Rental Housing <br /> <br />SCHEDULE 3 - RENT REGULATORY AGREEMENT <br /> <br />PARTIES: City of Eugene, a municipal corporation <br />of the State of Oregon (City) <br /> <br />and St. Vincent de Paul of Lane County Inc. (Applicant) <br /> <br />RECITALS: <br /> <br />A. Pursuant to the provisions of Sections 2.937 to 2.940 of the Eugene Code, <br /> 1971, and the Standards and Guidelines approved by Resolution No. <br /> 4327 of the City Council, the City administers a program that provides an <br /> exemption from ad valorem taxes for new Iow-income rental housing. <br />B. Applicant has submitted an application for property tax exemption for property <br /> located at 150 Santa Clara Avenue, Eugene Oregon 97404 <br /> (Subject Property), to which this Agreement is attached as Schedule 3, as <br /> required by Section 5.1 of the above-referenced Standards and <br /> Guidelines. <br /> <br />Now, therefore, the parties agree as follows: <br /> <br />1. Report. Applicant agrees that on or before February 1 of the first tax year to <br /> which this exemption applies, and on or before February 1 of each year <br /> thereafter for the duration of the tax exemption period, it will provide to the <br /> City a report that certifies under oath: <br /> a. The total number of rental units on the Subject Property which <br /> are occupied and unoccupied as of December 31 of the preceding <br /> calendar 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 <br /> residence for Iow-income persons; and <br /> d. That the required rental payment(s) reflect the full value of the <br /> property tax exemption granted to Applicant for the Subject <br /> Property. <br /> <br /> <br />
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