City loan plugs gap in housing complex.Byline: Edward Russo The Register-Guard The Eugene City Council on Monday approved a $450,000 loan to give a key boost to a downtown apartment project. The city loan will help plug a financing gap that has led to a delay in the start of the proposed WestTown on Eighth apartment complex, next to the WOW Hall. "I look forward to getting this project moving so we can have more people living downtown," said Councilor coun·cil·or also coun·cil·lor n. A member of a council, as one convened to advise a governor. See Usage Note at council. coun Andrea Ortiz. WestTown's developer, Eugene-based Metropolitan Affordable Housing Corp., plans to build 102 apartments for low- to moderate-income residents. Rents would range from $478 a month for a studio apartment to $738 for a two-bedroom apartment. The complex also would house nine market-rate combination residential-commercial spaces fronting West Eighth Avenue that tenants would use as working and living spaces. The complex is expected to cost $18.4 million, but Metropolitan Affordable Housing had only $17.7 million in approved financing, leaving a $750,000 funding gap. Metropolitan expects to plug the rest of the gap through a $300,000 loan from Eugene-based LibertyBank, then pay off that debt by seeking grants from nonprofit groups and individuals, said Richard Herman Richard Herman began serving as the Chancellor of the University of Illinois at Urbana-Champaign in 2005, having previously served there since 1998 as Provost and Vice Chancellor of Academic Affairs. , executive director of Metropolitan Affordable Housing. "We're very pleased" by the council action, Herman said. "This is not only important for affordable downtown housing, but it's also important for economic development downtown." Construction was to begin in March, but design changes and higher-than-expected construction costs led Metropolitan Affordable Housing to delay the groundbreaking. Work is now expected to start on Dec. 15. The city will use various city financial sources for the loan: $235,000 from a fund that buys affordable housing sites, $135,000 from a property tax exemption tax exemption, immunity from the requirement of paying taxes. Federal, state, and usually local law provide exemption from taxation for a wide variety of organizations, usually not-for-profit, such as churches, colleges, universities, health care providers, various program, and $80,000 from a downtown loan fund. Similar to other affordable housing projects, WestTown is to be heavily subsidized by the state and city. The state of Oregon, for example, is providing tax credits to the developer. The city already has agreed to give the developer $1 million in federal housing funds; the land, valued at $570,000 when transferred last year; $210,000 in development charge waivers; and 20 years of property tax breaks. Councilors voted 7-0 to approve the loan to Metropolitan Affording Housing. Councilor Gary Pape did not vote because he is a shareholder in LibertyBank's holding company. The council approved the loan during an early evening work session. Later, councilors heard a Eugene rental property owner criticize WestTown on Eighth as extravagant. Bob Suess figured that it would cost $180,000 to build each of the rental units. "Do you really need a Taj Mahal Taj Mahal (täzh məhäl`, täj məhŭl`), mausoleum, Agra, Uttar Pradesh state, N India, on the Yamuna River. It is considered one of the most beautiful buildings in the world and the finest example of the late style of Indian for subsidized housing Subsidized housing (aka social housing) is government supported accommodation for people with low to moderate incomes. To meet these goals many governments promote the construction of affordable housing. ?" he said. In other matters, the council agreed that improving Belt Line Road from River Road to Coburg Road should be the city's top priority for seeking state funds. The need to improve the heavily congested con·gest·ed adj. Affected with or characterized by congestion. congested ENT adjective Referring to a boggy blood-filled tissue. See Nasal congestion. corridor rose to the top of the city's list after the city and state together killed the proposed West Eugene Parkway The West Eugene Parkway was a proposed re-alignment of Oregon Route 126 through the western parts of Eugene, Oregon and its suburbs. Highway 126 through western Eugene currently runs along several surface streets (including West 11th Avenue); this route is well-known in the Eugene this summer. Councilors also agreed that the West 11th Avenue corridor should be studied as the city's next possible bus rapid transit
Passenger figures from Lane Transit District A transit district or transit authority is a special-purpose district organized as either a corporation chartered by statute, or a government agency, created for the purpose of providing public transportation within a specific region. show that West 11th has more riders than Highway 99. "Put your money where your customers are," Councilor Chris Pryor said. Bettman said officials couldn't make the best decision without also studying Highway 99 as an express bus corridor. "This is putting the cart before the horse," she said. Councilors voted 6-2 to direct city engineers to work with LTD LTD 1 Laron-type dwarfism 2 Leukotriene D 3 Long-term depression, see there 4. Long-term disability and University of Oregon The University of Oregon is a public university located in Eugene, Oregon. The university was founded in 1876, graduating its first class two years later. The University of Oregon is one of 60 members of the Association of American Universities. faculty on the West 11th Avenue study. LTD's first bus rapid transit route, from downtown Eugene to downtown Springfield, is to open in the next few months, and LTD is planning the second leg to run from downtown Springfield to Gateway. |
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