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N. Nonprofit entities shall mean: <br />1. Nonprofit as defined by state law that is exempt from income tax under section 5011 of the <br />federal internal revenue code; <br />2. Limited partnership or limited liability limited partnership where a nonprofit that is exempt <br />from income tax under section 501(c) of the federal internal revenue code, a public <br />corporation established under RCW 35.21.660, 35.21.670, or 35.21.730, a housing authority <br />created under RCW 35.82.030 or 35.82.300, or a housing authority meeting the definition in <br />RCW 35.82.210(2)(a) is a general partner or the sole member of the general partner; or <br />3. Limited liability company where a nonprofit that is exempt from income tax under <br />section 501(c) of the federal internal revenue code, a public corporation established under RCW <br />35.21.660, 35.21.670, or 35.21.730, a housing authority established under RCW 35.82.030 or 35.82.300, <br />or a housing authority meeting the definition in RCW 35.82.210(2)(a) is a managing member or the sole <br />member of the general partner°. -le "Rehabilitation improvements" means modifications to existing <br />structures that are vacant for twelve months or longer at the time of application that are made to <br />achieve a condition of substantial compliance with existing building codes or modification to existing <br />occupied structures which increase the number of multifamily housing unitsP. "Residential targeted <br />area" means the areas within or coterminous with the city's urban center as defined in this chapter that <br />have been designated by the city council as the residential targeted area in accordance with this chapter <br />and Chapter 84.14 RCW as found by the city council to be lacking sufficient available, convenient, <br />attractive, livable, and desirable residential housing to meet the needs of the public. <br />Q. "Substantial compliance" means compliance with the applicable building and construction codes and <br />all applicable uniform codes that are typically required for rehabilitation as opposed to new <br />construction. <br />R. "Urban center" means a compact identifiable district where urban residents may obtain a variety <br />of products and services including, but not limited to, shops, offices, banks, restaurants, governmental <br />agencies, transit service, and a mixture of uses and activities that may include housing, recreation, <br />cultural activities, commercial or office uses. <br />3 78.030 Tax exemption. <br />The value of new housing construction, conversion, and rehabilitation improvements qualifying under <br />this section is exempt from ad valorem property taxation, as followsA. For eight (8) successive years <br />beginning January 1st of the year immediately following the calendar year of issuance of the final <br />certificate if the property otherwise qualifies for the exemption. <br />B. For twelve (12) successive years beginning January 1st of the year immediately following the calendar <br />year of issuance of the final certificate if the property otherwise qualifies for the exemption and meets <br />the conditions in this subsection. For the property to qualify for the twelve-year exemption, the <br />applicant must provide affordable housing pursuant to EMC 3.78.080. <br />C. For twenty (20) successive years beginning January 1st of the year immediately following the <br />calendar year of issuance of the final certificate if the property otherwise qualifies for the exemption for <br />the purposes of homeowners only and meets the conditions in this subsection. For the property to <br />qualify for the twelve-year exemption, the applicant must provide affordable housing pursuant to EMC <br />3.78.085. <br />1.11 ORDINANCE Page 7 of 17 <br />