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To be eligible for the property tax exemption provided by this chapter, the housing must be a newly constructed structure(s), story(ies), or other additions to existing structure(s) and structure(s) converted in whole or in part from another use to housing that meets the following criteria:

A. Includes three or more dwelling units;

B. Meets the public benefit requirements as described in BC 12.35.030;

C. Must be at least two stories in height. Housing that is on lots larger than 10,000 square feet in size must be at least three stories in height;

D. Must be located within one of the following areas:

1. Core Area Tax Increment Finance (TIF) Area,

2. Areas zoned Central Business (CB),

3. High Density Residential (RH zoning) that is located adjacent to the Core Area TIF Area including properties zoned RH along NE Studio Road, between NE 4th Street and NE 5th Street from NE Webster Avenue to SE Alden Avenue, and between the alleys on either side of NE Irving Avenue from NE 4th Street to NE 8th Street, or

4. An area developed under the City’s Urban Dwelling Site Code standards as defined in Bend Development Code Section 3.8.800;

E. Include a restriction that does not allow transient oriented uses, including use by any person or group of persons entitled to occupy for rent for a period of less than 30 consecutive days (including bed and breakfast inns, hotels, motels, and short-term rentals);

F. Is in compliance with all local plans and zoning regulations applicable at the time the application is approved; and

G. The construction, addition or conversion is completed on or before January 1, 2032. [Ord. NS-2447, 2022]