ORDINANCE No. 176785

Grant a ten-year property tax exemption to Hoyt Street Properties, LLC for new multiple-unit housing on the block bounded by NW 9th, 10th, Northrup, and Marshall Streets. (Ordinance)

The City of Portland ordains:

Section 1.  The Council finds that:

1.  Hoyt Street Properties, LLC has applied for a ten year property tax exemption for property located at Lots 9 and 10, Block 13, Hoyt street Yards (State ID Number 1N1E34BB-02611 and -02612) on the block bounded by NW 9th, 10th, Northrup, and Marshall Streets. The property ID Numbers are R499915 and R499916.

2.  The applicant proposes to construct a 139-unit moderate and middle-income rental project with ground floor commercial space currently known as Block 13 Apartments.

3.  The subject property is located in an eligible area (within the Central City Plan District and the River District Urban Renewal Area) as required by Chapter 3.104 of the City Code.

4.  The proposed development conforms with the Comprehensive Plan, other relevant Council-adopted plans and policies, and the applicable regulations for the reasons contained in the Planning Commission Report and Recommendation. These plans, policies, and regulations include the Central City Plan; the EX, Central Employment Zone and Plan designation; the River District Urban Renewal Plan; and the HSP/City of Portland Development Agreement.

5.  The proposed development contains public benefits necessary for approval of the ten year property tax exemption on the improvement value of the structure.

6.  On May 8, 2002, the Portland Development Commission reviewed the proposed development and recommended to the Planning Commission that the application be approved on a finding that the tax exemption is necessary to make the project feasible at rental rates affordable to a wider range of household incomes than would otherwise be possible without the tax exemption.

7.  On May 28, 2002, the Planning Commission held a public hearing and found that the project complies with the eligibility requirements of Section 3.104.010 of the Municipal Code and contributes public benefits sufficient to carry out the purposes of this property tax exemption program.

8.  At their meeting, the Portland City Planning Commission voted that this application be approved subject to the public benefit conditions set forth in the Planning Commission Report and Recommendation and contained in this ordinance.

9.  It is in the public interest that the limited property tax exemption for the proposed development be adopted in order to meet the City's goals for housing as stated in the Central City Plan, the Housing Goal of the Comprehensive Plan, and the housing production goals of the Central City 2000 Plan.

NOW, THEREFORE, the Council directs:

a.  The application of Hoyt Street Properties, LLC for the ten year property tax exemption provided by Chapter 3.104 of the Municipal Code of the City of Portland, Oregon, and ORS 307.600-691 is hereby approved for the following property:

 Lots 9 and 10, Block 13, Hoyt Street Yards; Property ID Numbers R499915 and R499916.

b.  The application described in paragraph “a” above is approved subject to the following conditions:

1. This project is viewed as part of a larger multi-phased development plan, the whole of which is subject to applicable master plan, conditional use, design review, and development agreements and conditions applied through other independent but relevant reviews and negotiations that have and will take place between the City and the applicant. This approval for limited property tax exemption for the Block 13 development does not nullify or otherwise modify the conditions of those reviews or agreements.

2. These and any other public benefits be provided in accordance with agreements reached or conditions imposed by the relevant review bodies and agencies, including but not limited to the Planning Bureau, the Portland Development Commission, and the Historic Landmarks Commission or Design Review Commission, as appropriate.

3. The project comply with all applicable standards of Title 33, Planning and Zoning, as well as all conditions of approval of any land use and design reviews.

4. Ground level, locally oriented retail and service businesses serving individuals and households in this building as well as visitors can qualify as a public benefit under the terms of this exemption. A determination by the Director of the Bureau of Planning shall be made if there is a question regarding the neighborhood orientation of the proposed commercial and service uses.

c.  The Bureau of Planning provide copies of this Ordinance to the applicant and the Multnomah County Tax Assessor as prescribed by Section 3.104.050(1)(d) of the Code of the City of Portland.

Passed by the Council, AUG 07 2002

Mayor Vera Katz

Michael P. Saba:mps              GARY BLACKMER

June 19, 2002              Auditor of the City of Portland

                 By /S/ Susan Parsons

                       Deputy

BACKING SHEET INFORMATION

AGENDA NO. 929, 968-2002

ACTION TAKEN:

JUL 31 2002 PASSED TO SECOND READING AUG 07 2002 9:30 A.M.

ORDINANCE/RESOLUTION/COUNCIL DOCUMENT NO. 176785