Core Campus is a Chicago-based company that’s looking to build new student housing in an open lot near the University of Oregon. The company has applied for a Multiple-Unit Property Tax Exemption, or MUPTE, for its project proposal on East Broadway.
The city says if it doesn’t receive the tax break, Core Campus likely won’t be able to afford the high rise student housing project, which has plans to break ground in March of 2014. City planners say they support this plan because overall, it supports downtown.
“The project overall it aligns with our goals for downtown, increasing density, increasing the number of housing units. Core Campus has also agreed to make additional payments to the city of a million dollars in the latter years of the exemption period,” said Amanda Noble Flannery, a loan analyst with the City of Eugene’s Community Development Division.
The $44 million project will include both commercial properties and housing near campus with 12 floors, space for about 500 students and room for retail on the main floor.
Councilors have had two work sessions about Core Campus’ proposal leading up to Monday’s vote.