ORDINANCE No. 176959

Grant a ten-year property tax exemption to Lloyd 2002 LLC for new multiple-unit housing on the full block bounded by NE Wasco, 3^rd, Multnomah, and Martin Luther King Jr. Boulevard. (Ordinance)

The City of Portland ordains:

Section 1.  The Council finds that:

1.  Lloyd 2002 LLC has applied for a ten year property tax exemption for property located on Block 66; Holladay's Addition (State ID 1N1E34AA 2401 and 2300). This block is bounded by NE Wasco, 3^rd, Multnomah, and Martin Luther King Jr. Boulevard. The Property ID Numbers are R182186 and R182184.

2.  The applicant proposes to construct a 184-unit middle-income rental project with ground floor commercial space currently known as the Multnomah Street Apartments.

3.  The subject property is located in an eligible area (within the Central City Plan District and the Oregon Convention Center 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 RX, Central Residential Zone and Plan designation; and the Oregon Convention Center Urban Renewal Plan.

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 July 10, 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 August 27, 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 majority of 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 Lloyd 2002 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:

 Block 66; Holladay's Addition; Property ID Numbers R182186 and R182184.

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

1.  The individual apartment units be maintained as rental housing and not convert to condominiums or other ownership arrangement during the ten year term of the property tax exemption.

2.  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.

3.  The public benefits as described by the applicant be provided in accordance with agreements reached by the relevant review bodies and agencies, including but not limited to the Planning Bureau, the Portland Development Commission, and the Design Review Commission.

4.  The project comply with all applicable standards of Title 33, Planning and Zoning, as well as all conditions of approval of any required Design Review or other land use review.

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, OCT 09 2002

Mayor Vera Katz

Michael P. Saba:mps              GARY BLACKMER

September 12, 2002              Auditor of the City of Portland

                 By /S/ Susan Parsons

                       Deputy

BACKING SHEET INFORMATION

AGENDA NO. 1191, 1217-2002

ACTION TAKEN:

OCT 02 2002 PASSED TO SECOND READING OCT 09 2002 9:30 A.M.

ORDINANCE/RESOLUTION/COUNCIL DOCUMENT NO. 176959