Item A: Multi-Unit Property Tax Exemption Program

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(5) At the meeting at which the city manager's recommendation on an application is considered, the council shall adopt a resolution approving the application and granting the property tax exemption, or adopt a resolution disapproving the application and denying the property tax exemption. (6) In order to approve an application, - the council must find that: (a) The project will provide multiple -unit housing of five or more units; (b) The project is located within the boundaries of the core or transit oriented areas described in subsection (2) above; (c) The proposal could not financially be built "but for" the tax exemption; (d) The applicant solicited comments from city- recognized affected neighborhood associations; (e) The requirements in the standards and guidelines related to proximity to historic resources have been satisfied; (f) The applicant has complied with the provisions of the standards and guidelines; (g) In case of multiple -unit housing located in the transit oriented area described in subsection (2)(b) of this section, the structure must: 1. Be physically or functionally related to a light rail or mass transportation system; and 2. Enhance the effectiveness of a light rail or mass transportation system. (h) In the case of the construction of, or the addition or conversion to multiple -unit housing: 1. The construction, addition or conversion will be completed on or before January 1, 2022; 2. The owner has agreed to include in the construction, addition or conversion, as a part of the multiple -unit housing, one or more public benefits, including but not limited to commercial uses of a portion of the multiple -unit housing structure, open spaces, parks and recreational facilities, common meeting rooms, child care facilities, transit amenities and transit or pedestrian design elements, or benefits otherwise specified in the standards and guidelines; 3. The proposed construction, addition or conversion project is, or will be at the time of completion, 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, that are applicable at the time the application is approved; (i) In the case of multiple -unit housing subject to a low income housing assistance contract with an agency or subdivision of this state or the United States, 1. The application for exemption was made on or before January 1, 2022; Ordinance -- Page 3 of 7