HomeMy WebLinkAboutResolution No. 5402RESOLUTION NO. 5402
A RESOLUTION APPROVING A MULTIPLE-UNIT PROPERTY TAX
EXEMPTION FOR RESIDENTIAL PROPERTY LOCATED AT 1059
WILLAMETTE STREET, EUGENE, OREGON (APPLICANT 1059
WILLAMETTE INVESTMENT, LLC).
The City Council of the City of Eugene finds that:
A. The City of Eugene is the current owner of real property located at 1059
Willamette Street in Eugene, Oregon (Assessor's Map # 17-03-31-14, Tax Lot 12800) ("the
Property").
B. 1059 Willamette Investment, LLC ("the applicant") submitted an application
pursuant to the City's Multiple-Unit Property Tax Exemption ("MUPTE") program (Sections
2.945 through 2.947 of the Eugene Code, 1971 ("EC")), with respect to residential units and
commercial space to be constructed on the Property ("the project").
C. The applicant and the City have entered into a disposition and development
agreement for the site. By the time the MUPTE takes effect for the completed development, the
private entity will own and be responsible for any applicable property tax for the property. The
MUPTE program allows entities other than the property owner to apply for the tax exemption
with the authorization of the owner, which the City has granted for this application.
D. The proposed project consists of the development of at least 133 residential units,
including at least 74 studio units, 54 one-bedroom units, and five two-bedroom units, none of
which will be for transient use or vacation occupancy. The project is not designed for the leasing
of individual rooms or beds, for transient or vacation uses, or otherwise designed primarily for
individuals attending college.
E. The proposed project will also include approximately 2,664 square feet of
commercial space. MUPTE may be applied to commercial space when it is deemed to be a
required design element or a public benefit. In addition to activating long-vacant building
frontages, the applicant plans to offer retail spaces at below-market rents and use lobby space as
a public art gallery participating in arts events and hosting local artists. The applicant has
requested the exemption for all of the commercial space.
F. An independent outside professional consultant was retained and reviewed the
project's financial pro-forma. A Review Panel was convened and reviewed the application as
well as the independent consultant's conclusions in order to make a recommendation as to
whether the application met the criteria in EC 2.946. The Review Panel's recommendation was
submitted for the City Manager's review.
G. After considering the Review Panel's conclusions and recommendation, the
Executive Director of the Planning and Development Department ("the Executive Director") as
designee of the City Manager, prepared the Report and Recommendation attached to this
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