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Council approves MUPTI for First/Madison project; developer pledges 10% of exemption to affordable housing fund
Summary
Corvallis City Council unanimously approved a multi-unit property tax exemption (MUPTI) for a mixed hotel-and-residential project at Southwest First Street. Staff said the exemption request met the 'but-for' financial test, and the applicant agreed to dedicate 10% of the exemption to a housing fund.
The Corvallis City Council unanimously approved a multiple-unit property tax exemption (MUPTI) application from OB Companies for a proposed mixed-use development at 202 Southwest First Street during its Feb. 3 meeting.
The application covers 92 residential units in an eight-story building that also includes an associated hotel and ground-floor restaurants; staff noted the MUPTI applies only to the residential component. Staff reported the requested tax abatement would total $3,409,596 over 10 years and said a third-party financial review from Leland Consulting Group concluded the project was unlikely to move forward "but for" a public subsidy.
The applicant elected the second affordable-housing option available under the city's rule: rather than setting aside a share of…
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