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E EVERETT <br />Project title: An Ordinance amending the Everett Municipal Code to clarify applicability of an eight -year limited <br />property tax exemption, amending Chapter 3.78 EMC <br />City Council Agenda Item Cover Sheet <br />Council Bill # ,irerojjice use <br />CB 2211 — 57 <br />Agenda dates requested: <br />11/30, 12/7 & 12/14 <br />Briefing: <br />Proposed action: 11/30 and <br />12/7 <br />Consent <br />Action: 12/14/22 <br />Ordinance <br />Public hearing <br />Yes X No <br />Budget amendment: <br />Yes X No <br />PowerPoint presentation: <br />Yes X No <br />Attachments: <br />Department(s) involved: <br />Planning <br />Contact person: <br />Yorik Stevens-Wajda <br />Phone number: <br />(425) 257-8725 <br />Email: <br />ystevens@everettwa.gov <br />Initialed by: <br />Department head <br />Administration <br />Council President <br />Project: Multi -family tax exemption clarification <br />Partner/Supplier: (Partner, etc.) <br />Location: If relevant <br />Preceding action: Pre.vious.ca.uncil./.carnmit..tee <br />Fund: )epartment fund example: 004/Admin <br />Fiscal summary statement: <br />None <br />Project summary statement: <br />The city has a program (see EMC 3.78), whereby property owners may qualify for a limited <br />property tax exemption for new or rehabilitated multi -family housing. The city substantially <br />revised its multifamily tax exemption program in 2018 through Ordinance 3635-18. There has <br />been confusion recently regarding whether the 8-year tax exemption option provided by RCW <br />84.14.020(1)(a) is authorized under Everett's revised multifamily tax exemption program. <br />Staff researched the issue and found no indication in the legislative record that city staff or the <br />city council intended to remove the eight -year property tax exemption option. Furthermore, EMC <br />3.78.050(F) reads: "Projects which are seeking a twelve-year tax exemption shall provide...", the <br />construction of which strongly implies that there is an alternative to a twelve-year exemption, <br />which had historically been an eight -year option. <br />This ordinance confirms and clarifies that the city authorizes an eight -year property tax <br />exemption as authorized by state law under RCW 84.14.020(1)(a)(ii)(A). <br />Recommendation (exact action requested of Council): <br />Adopt an Ordinance amending the Everett Municipal Code to clarify applicability of an <br />eight -year limited property tax exemption, amending Chapter 3.78 EMC <br />