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HOUSING DEVELOPMENT INCENTIVE PROGRAM Draft Scope of Services from Perteet Inc. June 2022 Introduction The City of Everett(City)has been awarded a grant, managed by the Washington State Department of Commerce,Growth Management Services,for a Housing Action Plan Implementation project. The City's project includes a study and implementation of housing development incentives to encourage housing development in Everett while maximizing public value and using city resources efficiently. The City has selected a Perteet led team of consultants to review and update existing housing development incentives(market-rate and affordable)and develop recommendations for new incentives that will significantly increase the pace of housing production while meeting policy goals for affordability for a wide range of economic and special needs segments of the population. Specifically,the project will address implementation of the following strategies from the City's Rethink Housing Action Plan: Short Term Strategy 5:Coordinate a Development Incentives Study to provide guidance on changes and initial incentives for affordable housing construction and preservation. Recommendation 2.2:Provide a detailed economic study of potential incentives in urban corridors. Recommendation 4.4:Expand fee waivers for affordable housing. Recommendation 4.6:Review and update the Multifamily Tax Exemption (MFTE)program. Recommendation 4.7:Review and update development height incentives program for affordable housing units. Task 1.0 Review Housing Incentive Program Performance Perteet will implement the following analyses under Task 1.0. Subtask 1.1 Evaluate and Update the Economic Feasibility Analysis in Appendix G of the Rethink Housing Action Plan Consultant Activities: • Review the existing incentive program economic model,develop a preliminary assessment of the Everett multi-family housing market and provide an updated economic baseline model for the HDIP project. Assumption: • City to provide its input on updates to the analysis. • Preliminary market analysis will be based on updates to recent studies and existing information maintained by public agencies and team partners. • Notice to proceed is July 7,2022. Consultant Deliverables: • Economic Analysis Update, including opinion of current Everett market conditions and list of recommended updates to financial analysis,to be included in the draft feasibility report. This preliminary update is due July 22,2022. https://perteet.sharepoint.com/sites/ActiveProjects/20210199EverettHDIPlnternal/Project Management/Scope and Fee/June22_dft_HDIP SOw_rev3.docx 2