PORTLAND DEVELOPMENT COMMISSION

Portland, Oregon

RESOLUTION NO.

RESOLUTION RECOMMENDING TO THE PLANNING COMMISSION AND CITY COUNCIL APPROVAL OF PROPERTY TAX ABATEMENT FOR BLOCK 13 APARTMENTS LOCATED AT NW NINTH AVENUE AND NW MARSHALL STREET IN THE RIVER DISTRICT URBAN RENEWAL DISTRICT.

WHEREAS, Chapter 3.104 of the City Code specifies the process for reviewing and approving applications for property tax abatements for new, multiple-unit housing; and

WHEREAS, after the application is submitted to the Bureau of Planning, the first step is review by the Portland Development Commission to analyze the financial feasibility of the project with and without the abatement and to forward to the Planning Commission a recommendation which indicates whether or not the abatement is necessary to achieve a feasible project; and

WHEREAS, the Planning Commission reviews the application for conformance with public benefits and forwards its recommendation to City Council for final approval; and

WHEREAS, Hoyt Street Properties, LLC has applied for property tax abatement with the Bureau of Planning for a proposed 139 unit rental housing project; and

WHEREAS, the project represents the type of new development encouraged by Portland’s adopted Comprehensive Plan Housing Policy and the Pearl District Development Plan; and

WHEREAS, the Commission has reviewed the proposed project construction costs, revenues, and expenses and determines that the property tax abatement is a necessary element to achieve a financially feasible project; now, therefore be it

RESOLVED that the Commission directs the Executive Director to forward a recommendation to the Planning Commission indicating that the property tax abatement for the Block 13 project be approved based on a financial review of the project; and be it

FURTHER RESOLVED that this resolution shall become effective immediately upon its adoption.

ADOPTED by the Commission May 8, 2002.