Ordinance 3954-23 - Laserfiche WebLink

ORDINANCE Page 7 of 17 N. Nonprofit entities shall mean: 1. Nonprofit as defined by state law that is exempt from income tax under section 501I of the federal internal revenue code; 2. Limited partnership or limited liability limited partnership where a nonprofit that is exempt from income tax under section 501(c) of the federal internal revenue code, a public corporation established under RCW 35.21.660, 35.21.670, or 35.21.730, a housing authority created under RCW 35.82.030 or 35.82.300, or a housing authority meeting the definition in RCW 35.82.210(2)(a) is a general partner or the sole member of the general partner; or 3. Limited liability company where a nonprofit that is exempt from income tax under section 501(c) of the federal internal revenue code, a public corporation established under RCW 35.21.660, 35.21.670, or 35.21.730, a housing authority established under RCW 35.82.030 or 35.82.300, or a housing authority meeting the definition in RCW 35.82.210(2)(a) is a managing member or the sole member of the general partner O. K. “Rehabilitation improvements” means modifications to existing structures that are vacant for twelve months or longer at the time of application that are made to achieve a condition of substantial compliance with existing building codes or modification to existing occupied structures which increase the number of multifamily housing unitsP. L. “Residential targeted area” means the areas within or coterminous with the city’s urban center as defined in this chapter that have been designated by the city council as the residential targeted area in accordance with this chapter and Chapter 84.14 RCW as found by the city council to be lacking sufficient available, convenient, attractive, livable, and desirable residential housing to meet the needs of the public. Q. “Substantial compliance” means compliance with the applicable building and construction codes and all applicable uniform codes that are typically required for rehabilitation as opposed to new construction. R. M. “Urban center” means a compact identifiable district where urban residents may obtain a variety of products and services including, but not limited to, shops, offices, banks, restaurants, governmental agencies, transit service, and a mixture of uses and activities that may include housing, recreation, cultural activities, commercial or office uses. 3.78.030 Tax exemption. The value of new housing construction, conversion, and rehabilitation improvements qualifying under this section is exempt from ad valorem property taxation, as follows A. For eight (8) successive years beginning January 1st of the year immediately following the calendar year of issuance of the final certificate if the property otherwise qualifies for the exemption. B. For twelve (12) successive years beginning January 1st of the year immediately following the calendar year of issuance of the final certificate if the property otherwise qualifies for the exemption and meets the conditions in this subsection. For the property to qualify for the twelve-year exemption, the applicant must provide affordable housing pursuant to EMC 3.78.080. C. For twenty (20) successive years beginning January 1st of the year immediately following the calendar year of issuance of the final certificate if the property otherwise qualifies for the exemption for