(A) A person seeking the exemption granted by the terms of ORS 307.515 to 307.523 for real property in the city must file an application for exemption with the City Council on or before December 1 of the calendar year immediately preceding the first assessment year for which the exemption is being requested and shall be accompanied by a fee of $500. The exemption, if granted, shall be for a period of 20 years.
(B) The application shall include, at a minimum the following information, as applicable:
(1) A description of the property or a portion of the property for which the exemption is requested;
(2) A description of the project’s purpose and whether all or a portion of the property is being used for that purpose;
(3) A certification of income levels of low-income occupants;
(4) A description of how the tax exemption will benefit project residents;
(5) If the exemption is an exemption described in ORS 307.518, evidence that the corporation is a non-profit corporation meeting the criteria for a public benefit corporation or a religious corporation;
(6) A description of the plans for development of the property if the property is being held for future low-income rental housing development; and
(7) A description of how the applicant and property respectively meet additional criteria adopted by the City Council pursuant to ORS 307.517(2) or 307.518(2).
(C) The applicant shall verify the information in the application by oath or affirmation.
(D) Not more than 45 days after the filing of the application for an exemption and prior to the City Council’s final action on the application, the applicant for the tax exemption shall execute an agreement with the city the terms of which shall include, at a minimum provisions requiring:
(1) Rents paid by the occupants reflect the full value of the property tax exemption;
(2) The city shall be able to inspect the property at all reasonable times to ensure the property is maintained in a decent, safe, sanitary and habitable condition for all the occupants; and
(3) The city will be provided annual reports at one of its regular City Council meetings as to the use of the rental moneys received from the low-income occupants.
(Prior Code, § 2.25.015) (Ord. 437, passed 12-5-2016)