Perteet Inc. 7/11/2022 - Laserfiche WebLink

HOUSING DEVELOPMENT INCENTIVE PROGRAM Draft Scope of Services from Perteet Inc. June 2022 Subtask 1.2 Review performance and propose adjustments to the City's Multifamily Tax Exemption (MFTE) incentive program (EMC 3.78). Performance will be considered relative to the dashboard metrics presented in the JLARC2019 findings,recent Commerce guidelines,and existing City multi-family policies. The review will be relative to the 2021 updates to the Washington MFTE statute(RCW 84.14). The Perteet team will consider and report to the City on: • Revised and/or expanded target areas • Revised income qualification thresholds for rental and owner-occupied units • Revised incentive period • New criteria for qualification,including potential incentives for larger units for larger families • Other conditions for providing affordable units Consultant Activities: • Assist the City in compiling and organizing recent MFTE incentive performance information. • Prepare GIS analysis showing distribution of MFTE projects in Everett relative to other affordable or market housing projects in the last 5 years. • Develop a semi-quantitative assessment of the financial benefit of the MFTE to the City. • Develop a summary of potential impacts to City revenues from MFTE projects. • Meet with City team to discuss preliminary findings and refine analysis to reflect City input. Assumptions: • City to provide MFTE performance information(locations,values,#of units,general comments). Deliverables: • Summary of analysis on MFTE performance and preliminary recommendations for MTFE incentive program modifications to be included in draft feasibility report. • The preliminary summary is due August 5,2022 Subtask 1.3 - Review the City's height and density bonus program (EMC 19.22.080) including expansion areas and provide an assessment of: • additional incentives possibilities • income thresholds • the in-lieu payment program • competition with other public benefits;and • whether to expand the program to include density bonuses for additional zones Consultant Activities: • Assist the City in compiling and organizing recent height and bonus density incentive performance information. • Prepare preliminary recommendations on income thresholds,in-lieu program,viability in light of other City incentives,and other adjustments such as expanding the program or modifying incentive terms. • Meet with City team to discuss preliminary findings and refine analysis to reflect City input. Assumptions: • City to provide incentive performance information https://perteet.sharepoint.com/sites/ActiveProjects/20210I99EverettHDlPInternal/Project Management/Scope and Fee/June22_dit_HDIP SOW_rev3.docx 3