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HomeMy WebLinkAbout10.17.2018 Gordon Lofts MUPTE PPTM U PTE: Gordon Lofts CITY OF EUGENE OCTOBER 17, 2018 Eugene ����� M U PTE: Gordon Lofts CITY OF EUGENE OCTOBER 17, 2018 Eugene Today MUPTE Program Review Gordon Lofts Overview Public Benefit Criteria Panel Recommendation Discussion 2 MUPTE Program Review 10 -year property tax exemption New multi -unit housing Downtown plan area 3 2015 MUPTE Changes Student housing ineligible • Increased required energy efficiency ■ Higher quality design • Expanded neighborhood involvement • Moderate -income housing contribution Local economic impact plan Demonstrated project need with consultant Community member third -party review 0 Third Party Review MUPTE Review Panel 2 at -large neighborhood representatives 2 neighborhood representatives from project location 6 technical representatives Financial Consultant 5 Application Process Neighborhood Contact 30 -Day Comment Period Financial MUPTE Consultant Review Panel 0 Public Benefit Requirements Compact Urban Development Green Building Features Local Economic Impact Moderate -Income Housing Contribution Project Design & Compatibility Historic & Existing Housing Sensitivity Project Financial Need Gordon Lofts Project Summary 7 stories • 127 residential units on 6 floors Ground floor commercial Land lease from Lane County Currently surface parking lot I' Homes for Good project I (� se, Ave. zqwu d ( Gordon Lofts HOTEL MARKETIRETAI L isy 6th Ave. Required Public Benefits Compact Urban Development C-2 Community Commercial Zone 254 units per acre IA Required Public Benefits Green Building Features Demonstrated energy efficiency 10% better than required by code 6z on.■ ssn■ O: a... noon mass noonrii gonea... soona■•n.•Role 111 11 Required Public Benefits Local Economic Impact Plan Estimated 71% of dollars to stay local Ensure opportunities for Minority, Women, and Emerging Small Businesses Comply with wage, tax, and licensing laws 12 Required Public Benefits Moderate -Income Housing Contribution Pay fee equal to 10% of total 10 -year exemption benefit 13 Required Public Benefits Project Design & Compatibility Scale, form, quality of building Mixture of project elements Relationship to street and surrounding uses Parking and Circulation 'S all L,06 .a 'S Required Public Benefits ✓Historic & Existing Housing Sensitivity No impact to adjacent historic locales IV Required Public Benefits Project Financial Need Independent financial consultant Pro -forma assumptions Project has demonstrated need 17 $800,000 _Stays As -Is $675K $700,000 --Gordon Lofts $600,000 00 dododo � � 00 $500,000 �$520K 9 $400,000 1 1 $300,000 1 1 Forgone Tax: $4.3M 1 $200,000 1 1 1 $100,000 1 $6,500 $11,500 1 $0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Year Panel Recommendation Meets public benefit criteria Demonstrated project need Approve M U PTE 10 -years (majority recommendation) 3 -years (minority recommendation) • Design Submitted for Review Building Permit Application Construction MUPTE Review Panel Exemption starts City & Neighborhood Review Submit required documentation Submit required documentation City Manager's Recommendation Approval based on meeting all program criteria 21 22 Moderate -Income Housing (100% AMI) Unit Size Efficiency 1 BR 2 BR 3 BR 4 BR 5 BR Max Affordable $1,123 $1,283 $1,443 $1,603 $1,733 $1,860 Rent Occupancy 1 2 3 4 5 6 Standard AMI $44,900 $51,300 $57,700 $64,100 $69,300 $74,400 Post Approval Compliance Neighborhood Contact x2 Design Reviewed Against Resolution Required MUPTE Review Documentation Panel x2 24 Mapping value slide? Please ask Anne if she wants this. And if so, what it should be. 25