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Council Approves Property Tax Exemption for Gateway Condos

PORTLAND, OR-The project will include 42 affordable for-sale units in a four-story building on Northeast 100th Avenue. The developers are Gordon Jones and Andrew Kelly.

By Brian K. Miller | Updated on November 30, 2005

PORTLAND, OR-The city council here today signed off on a 10-year property tax exemption for a 42-unit condominium development in the Gateway Regional Center Urban Renewal Area. The developers are Gordon Jones and Andrew Kelly.

The project site is on Northeast 100th Avenue, between Northeast Glisan and Burnside streets. The exemption is a perk for transit oriented developments, or projects located within walking distance of multiple mass transit options. In this case, the development site is within four blocks of two light rail stations and two bus stops serving four separate bus lines.

The exemption means that buyers of the units won’t have to pay property taxes based on the value of their unit for 10 years, only on the value of their share of the underlying land. To be eligible for the abatement, the developer must make units affordable to buyers earning less than $68,000, which is the median family income for a family of four.

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