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ATTACHMENT I <br /> <br /> JUN 2 i 200 Public Private Partnerships, InOp3 <br /> <br /> June 18, 2004 <br /> <br /> Richie Weinman <br /> Neighborhood & Affordable Housing Manager <br /> City of Eugene <br /> 99 West 10th Avenue <br /> Eugene, OR 97401 <br /> <br /> Re: Willamette Gardens Apartments <br /> Property Tax Exemption Application <br /> <br /> Dear Mr. Weinman, <br /> <br /> On behalf of P3 I am pleased to submit the attached application of Property Tax <br /> Exemption Program for Low-Income Rental Housing for the proposed Willamette <br /> Gardens Apartments. <br /> <br /> The proposed Apartments' site is located north of Marche Chase development, <br /> which is filled with charming houses and affluent residents. Willamette Gardens will <br /> also be located within walking distance of Alton Baker Park, a 400-acre park with bike <br /> trails, wetlands, rock garden, community garden, Cuthbert Amphitheater, science <br /> museum, planetarium, and more. The residents of Willamette Gardens will enjoy easy <br /> access to downtown with excellent bus service, bike trails, and street system. In this area, <br /> the bus service to downtown is frequent and fast. Schools that will serve the property <br /> have earned strong to exceptional ratings on the state's 2003 report card. This makes the <br /> neighborhood even more desirable to concerned parents and will promote education to <br /> low income families and help raise the education achievement of the resident's children. <br /> <br /> Willamette Gardens will consist of 240 units housed in 10 buildings and a 2,500 <br /> square feet Community Room for the management and residents use. The proposed <br /> apartments will have a diverse mix of unit sizes ranging between one and three bedrooms <br /> targeting low income families that earn 60% or below of the Area Median Income (AMI.) <br /> <br /> In 2003 HUD removed Lane County from the Difficult to Develop Area (DDA) <br /> list and as a result, the City of Eugene lost a valuable source of funds that was targeted to <br /> build low income rental housing. Fortunately Willamette Gardens' site is located within <br /> one of the few Qualified Census Tracts (QCT) in Lane County. This QCT designation <br /> will bring an additional 30% of tax credit funds to help build such project which is not <br /> available to other apartment sites in the City. <br /> <br /> P3 is striving to build this project with the best design and the best materials <br /> available. In addition to that P3 intends to keep this project affordable for a long time, <br /> <br />4800 SW MACADAM AVENUE, SUITE 309 · PORTLAND, ORECON 97239-3927 · TEL: 503.219.9500 FAX: 503.219.9700 <br /> <br /> <br />