RESOLUTION NO. 36203

Approve the application of Ventura Park Plaza Apartments, LLC for a ten-year property tax exemption for a transit oriented development project (Resolution)

WHEREAS, Chapter 3.103 of the City Code provides that up to ten-year property tax exemption are available to encourage the development of high density housing and mixed use projects affordable to a broad range of the general public on vacant or underutilized sites within walking distance of light rail stations and within transit oriented areas defined in the Code; and

WHEREAS, the project owner’s name and address is

Ventura Investors LLC (Applicant)

131 N. State Street, Suite G

Lake Oswego, OR 97034; and,

WHEREAS, the project address is 12110 E. Burnside Street & 12105 SE Ankeny Street; and

WHEREAS, the Applicant proposes to construct a transit-oriented development project which includes 55 apartments within one building, known as the Ventura Park Plaza Apartments; and

WHEREAS, Ventura Park Plaza Apartments, LLC, has applied for property tax exemption with the Portland Development Commission for a 55 unit residential rental project scheduled to complete construction in 2005; and

WHEREAS, the legal description of the property is Lots 17, 18, 19, and 20, Block 28, Ventura Park, in the City of Portland, County of Multnomah and State of Oregon

WHEREAS, the Multnomah County Tax Assessor’s Account Number is R293787, and,

WHEREAS, the project contains one or more of the public benefits described in Section 3.103.040; and

WHEREAS, it is in the public interest that the limited property tax exemption for the proposed Project be adopted in order to meet the City goals described in the Comprehensive Plan ; and

WHEREAS, the Applicant has applied to the Portland Development Commission for a ten-year property tax exemption, as provided by Chapter 3.103 of the City Code; and

WHEREAS, the applicant confirms the project will, at the time of completion, conform with the applicable provisions of Titles 17, 24,32, and 33 of the City Code, and;

WHEREAS, no special conditions have been imposed outside those already required in Section 3.103.070 of the City Code; and,

WHEREAS, this Resolution was made available to the applicant, the City Council, and any interested agencies or individuals at least 14 days prior to consideration of this resolution by the City Council as required by section 3.103.050 of the City Code.

WHEREAS, the Portland Development Commission has reviewed the proposed project construction costs and projects rent and determines that the property tax exemption is a necessary element to achieve a financially feasible project; and

WHEREAS, on February 11, 2004 the Portland Development Commission reviewed the proposed Project and recommended approval to City Council.

NOW, THEREFORE, BE IT RESOLVED that the application of Ventura Park Plaza Apartments, LLC for the ten-year property tax exemption as provided by Chapter 3.103 of the City Code for a transit-oriented development project which includes 55 rental apartments is hereby approved, based on the findings contained in the Portland Development Commission report and recommendation (attached as Exhibit A) and Executive Summary, for the following described Property:

Lots 17, 18, 19, and 20, Block 28, Ventura Park, in the City of Portland, County of Multnomah and State of Oregon

Multnomah County Tax Assessor’s Account Number is R293787

BE IT FURTHER RESOLVED, that this application is approved subject to the following conditions:

1)  The individual apartment units in the development must be maintained as rental housing and not converted to condominiums or other ownership arrangements during the ten-year term of the exemption.

2)  The development must comply with all applicable standards of Title 33, Planning and Zoning, as well as all conditions of approval of any land use and design review.

3)  The development must comply with all applicable provisions of Titles 17, 24, 32, and 33 of the City Code, as well as conditions of approval of any land use and design.

BE IT FURTHER RESOLVED, that the Portland Development Commission staff shall file with the Assessor a copy of this resolution approving the application, as provided in section 3.103.050(E) of the City Code.

Adopted by the Council: March 10, 2004

Mayor Vera Katz        GARY BLACKMER

Neal H. Lydon, PDC      Auditor of the City of Portland

March 1, 2004        By: /S/ Susan Parsons

             Deputy

BACKING SHEET INFORMATION

AGENDA NO. 225-2004

ORDINANCE/RESOLUTION/COUNCIL DOCUMENT NO. 36203