Koz on N. Broadway LLC 10/31/2019

MULTIFAMILY HOUSING LIMITED PROPERTY TAX EXEMPTION AGREEMENT THIS AGREEMENT is entered into this 31 S day of Oa-Ober, 2019, by and between KOZ ON N. BROADWAY, LLC, (hereinafter referred to as the "Applicant"), and the CITY OF EVERETT, a first-class charter city(hereinafter referred to as the "City"). WITNESSETH: WHEREAS, the City has an interest in stimulating new construction or rehabilitation of multifamily housing in a designated Residential Target Area in order to reduce development pressure on single family residential neighborhoods,to increase and improve housing opportunities, and to encourage development densities supportive of economic development and transit use; and WHEREAS,the City has, pursuant to the authority granted to it by Chapter 84.14 RCW, designated Residential Target Areas for the provision of a limited property tax exemption for new or rehabilitated multifamily residential housing; and WHEREAS,the City has,through Ordinance No. 3635-18, as amended, (Chapter 3.78 EMC) enacted a program whereby property owners may qualify for a Final Certificate of Tax Exemption which certifies to the Snohomish County Assessor that the owner is eligible to receive a limited property tax exemption; and WHEREAS,the Applicant has made application for a limited 8-year property tax exemption for constructing 124 units of new multifamily residential housing with the project name of Koz on N Broadway and WHEREAS, the Applicant has executed a "City of Everett Tax Exemption Application Form", a copy of which is made a part hereof and is attached as Exhibit"A"; and WHEREAS,the Applicant has submitted to the City preliminary site plans and floor plans for new multifamily residential housing to be constructed on property situated within one of the City's Residential Target Areas at 1020 N. Broadway Ave,and described more specifically as set forth in the legal description in Exhibit"B" attached hereto and made a part hereof(hereinafter referred to as the "site"); and WHEREAS, the City has determined that the improvements will, if completed as proposed, satisfy the requirements for a Conditional Certificate of Tax Exemption and has issued its Approval of Application as set forth in Exhibit "A"; NOW,THEREFORE,the City and the Applicant mutually agree as follows: 1. The City agrees to issue the Applicant a Conditional Certificate of Acceptance of Tax Exemption.