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tf,7Nzz,. <br /> --` <br /> ORDINANCE NO. <br /> An Ordinance Expanding the Multiple Family Property Tax Exemption Area and <br /> Amending Ordinance No.2347-98, as amended(EMC Chapter 3.78). <br /> WHEREAS,the City Council finds the following: <br /> 1. The City established the Multiple Family Property Tax Exemption program in 1998 to <br /> encourage residential redevelopment in the downtown urban center,which has resulted in <br /> the construction of approximately 540 housing units in an area that had experienced little <br /> housing development in the preceding twenty years prior to the creation of the program. <br /> 2. RCW 84.14.010 defines areas eligible for designation as"urban centers"where the <br /> Multiple Family Property Tax Exemption is intended to be used to stimulate housing <br /> development in targeted areas where a mix of uses and adequate urban infrastructure <br /> exists. <br /> 3. The area originally defined as the"urban center"has been amended with the addition of <br /> the Everett Station area in 2007, and the Evergreen Way Mixed Use Overlay zones in <br /> 2012. <br /> 4. Adding the area south of downtown between 33r1 Street and 36th Street and between <br /> Rucker Avenue and Colby Avenue will encourage the rehabilitation of an existing vacant <br /> and underutilized building for multifamily housing and create the opportunity for <br /> additional housing redevelopment near the downtown core. <br /> WHEREAS, the City Council concludes the following: <br /> 1. The notice for the hearing has met the requirements of RCW 84.14.040. <br /> 2. The proposed amendments to EMC Chapter 3.78 will encourage the redevelopment of <br /> desirable residential housing in the area in close proximity to downtown. <br /> 3. The additional housing opportunity in the targeted area will assist in achieving the stated <br /> purposes of RCW 84.14.007, to a) encourage increased residential opportunities within <br /> the targeted area of the city, and b) stimulate the construction of rehabilitated multifamily <br /> housing that will increase and improve residential opportunities within the city's urban <br /> centers- <br /> 4. The proposed amendment is consistent with RCW Chapter 84.14. <br /> 1 <br /> 4 <br />