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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 ADDle Orchard Village, LP <br /> Metropolitan Affordable Housin8 Corp.~ GP (Applicant) <br /> <br /> RECITALS: <br /> <br />A. Pursuant to the provisions of Sections 2.937 to 2.940 of the Eugene Code, 1971, <br /> and the Standards and Guidelines approved by Resolution No. 4327 of the City <br /> Council, the City administers a program that provides an exemption from ad <br /> valorem taxes for new Iow-income rental housing. <br /> <br />B. Applicant has submitted an application for property tax exemption for property <br /> Iocated at 2640-2694~ 200~ 220 Ed~ewood Drive~ Eugene, Ore~on 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 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 which <br /> this exemption applies, and on or before February 1 of each year thereafter for the <br /> duration of the tax exemption pedod, it will provide to the City a report that certifies <br /> under oath: <br /> <br /> a. The total number of rental units on the Subject Property which are <br /> occupied and unoccupied as of December 31 of the preceding calendar <br /> 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 residence for <br /> Iow-income persons; and <br /> d. That the required rental payment(s) reflect the full value of the property tax <br /> exemption granted to Applicant for the Subject Property. <br /> <br /> <br />