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I <br /> 2. Not displace any existing residential tenants from the property proposed for development. <br /> 3. Be a multiple family or mixed-use project which provides 8 or more additional dwelling units,or 4 dwelling units <br /> located above the ground floor with a minimum of 4,000 s.f.of commercial space on the ground floor. <br /> 4. At least 50%of proposed multiple family housing space be provided for permanent residential occupancy. <br /> 5. Be completed within three years from the date of approval of the application. <br /> 6. Be designed to comply with all building codes,zoning and other applicable regulations. <br /> 7. Meet design requirements of EMC 3.78.070.0.9. <br /> 8. Applicant must sign a contract with the City agreeing to conditions of the project development. <br /> • 9. Snohomish County Assessor may require owners to submit pertinent data regarding the use of classified land. <br /> • Upon approval of the application,the applicant and the City enter into an agreement to be approved by City Council <br /> under which the applicant has agreed to the implementation of the development on terms and conditions satisfactory to <br /> the City Council. <br /> •The City may issue a Conditional Certificate of Acceptance of Tax Exemption,based on the information provided by <br /> the Applicant. The Conditional Certificate will be effective for not more than three(3)years,but may be extended for an <br /> additional 24 months under certain circumstances. The city will issue a Final Certificate of Tax Exemption upon <br /> completion of the project,satisfactory fulfillment of all contract terms,a final inspections,and issuance of a Certificate of <br /> Occupancy. <br /> • If the exemption is canceled for noncompliance or the project ceases to be eligible an additional tax shall be Imposed <br /> as follows: <br /> A. The difference between the tax actually paid and the tax which would have been due for the pro rata portion of the <br /> tax year following cancellation,and for each tax year thereafter,if the improvements had been valued without <br /> exemption,(not to exceed three years before the discovery of the noncompliance);plus <br /> B. A penalty of 20 percent of the difference,plus <br /> C. Interest at the statutory rate on(a)/(b)from the date tax could have been paid without penalty if the <br /> improvements had been assessed at a value without regard to the exemption. <br /> Note:The additional tax,interest and penalty(a)/(b)/(c)are due within the times provided by RCW 84.40.350- <br /> 84.40.390,and the total bears interest thereafter at the rate provided for delinquent property taxes.The additional tax, <br /> penalty and interest constitute a lien by the City of Everett upon the land which attaches at the time the property is no <br /> longer eligible for exemption,and has priority to and must be fully paid and satisfied before a recognizance,mortgage, <br /> judgment,debt,obligation,or responsibility to or with which the land may become charged or liable. <br /> Affirmation:As owner(s)of the land described in the application, I hereby indicate by my signature that I am aware of <br /> the additional tax liability to which the property will be subject if the exemption authorized by chapter 84.14 RCW,1995 <br /> laws of Washington Is canceled. I declare under penalty of perjury under the laws of the state of Washington that this <br /> application and any accompanying document have been examined by me and that they are true,correct,and complete <br /> ---to the best of my knowledge. <br /> Signed at Bellevue ,Washington,this 23rd day of <br /> May ,2017 <br /> Signur (s)o II Owner(s)and Contract Purchaser(s) <br /> Print Name Roger Kuula <br /> ---( 7P? 2— - Print Name Jon Wood <br /> Updated 2012 <br />