City Auditor - City Recorder - Council Ordinance - 177656 PMP LLC Limited Tax Abatement application exhibit B

Exhibit B

P.M.P. LLC / Peter Perrin

LTA # 2789-02, 2790-02, 2791-02, 2792-02, 2793-02, 2794-02, 2795-02

I purchased the subject tax lots on 12/31/02. I began excavation including the underground plumbing, electrical, raindrains and drywells in February and proceeded to pour foundation and footings in March. During this period I was required by the City to complete structural revisions for the project which precluded my ability to commence framings. Once the structural revisions were approved at the beginning of May framing started. We are currently finishing the 3^rd or top floor of both buildings and expect to complete the project by 9/30/03. We are so confident of our ability to do so that we have scheduled our open house sponsored by NW Natural on 9/9/03 to which you are all invited.

LTA # 2780-02 & 2785-02

Permits for these 2 single family houses will be ready for pick up the week of June 23^rd. Construction has yet to begin as a dilapidated house had to be demolished which was held up due to a City mandated 30 day “historic” delay. This is turn stalled the approved of the lot segregation which was further delayed by Multnomah County’s and the City’s difficulty in communicating the new tax account numbers for the segregated lots, which further stalled the approval process as permits cannot be issued until this has been completed. New tax account numbers were issued on 6/11/03. construction will begin by July 7 and completed in November of 2003.

LTA 2781-02, 2782-02, 2783-02, 2784-02

Construction has yet to begin as permits for 4 single family houses will be approved the latter part of June of the first part of July. Due to the ambiguity surrounding the future of tax abatement I was unsure of the product to build as tax abatement caps appraised value. Once I thought I was assured tax abatement would remain in place I designed the houses accordingly. The on again, off again, it will be available, it won’t be available, recent nature of tax abatement put me in an design/economic conundrum. I will complete construction by December 31, 2003 as the tax abatement is imperative to my ability to successfully sell my house at a pre-established price point.