Broadway Apartments @ 3214 LLC 10/31/2019

American Property Development, Inc. 110—110the Ave.N.E.,Suite 550 Bellevue,Washington 98004 (425)455-2433,FAX(425)709-7214 pp May 23,2017 RiEftEOWEE i 17,) MAY 2 r. 2017 To: City of Everett From: Jeremy Fender CITY OF EVERET Date: May 23,2017 Planning Dept. RE: Tax Exemption Narrative American Property Development is pleased to submit a land use application for a mixed use,mid- rise development consisting of 140 market rate apartment units. The land use application,and all required documentation,was submitted to the City of Everett on February 23,2017. The proposed development is designed to comply with the requirements of EMC 3.78.070.D.9 as well as all building codes,zoning and other applicable regulations. This project is being proposed for development at 3204,3206,3214,3220 Broadway Ave.(Name TBD)which is located in the Broadway Mixed Use(BMU)Zone within the City of Everett. The purpose of this narrative is to request approval of our tax exemption application and to provide the qualifying criteria needed to illustrate eligibility. The subject site is located within the property tax exempt zone designated for the tax incentive by the City. Per EMC 3.78.070 subsection B.3(a),we are applying for the 12 year exemption by providing 20%of the 140 apartments,or 28 units,at an affordable rental rate. 14 of the affordable units will be provided at 80%AMI. The remaining 14 affordable units will be provided at 100%AMI. Project completion is estimated to be 24 months from the date of this application which is less than with the 3 year maximum timeframe required. Completion of our proposed project will satisfy the intent of the tax exemption zone by adding much needed high density housing to the Broadway corridor,improve pedestrian safety,raise property values,bring new residents and employees to the area and help boost the local economy. -Jerem Fender Projec Development Manager Americ n Capital Group