2721 WETMORE AVE MARQUEE APARTMENTS 2023-06-28

g 2. Not displace any existing residential tenants from the property proposed for development. 3. Be a multiple family or mixed-use project which provides 8 or more additional dwelling units, or 4 dwelling units located above the ground floor with a minimum of 4,000 s.f. of commercial space on the ground floor. 4. At least 50%of proposed multiple family housing space be provided for permanent residential occupancy. 5. Be completed within three years from the date of approval of the application. 6. Be designed to comply with all building codes, zoning and other applicable regulations. 7. Meet design requirements of EMC 3.78.070.D.9. 8. Applicant must sign a contract with the City agreeing to conditions of the project development. 9. Snohomish County Assessor may require owners to submit pertinent data regarding the use of classified land. • Upon approval of the application,the applicant and the City enter into an agreement to be approved by City Council under which the applicant has agreed to the implementation of the development on terms and conditions satisfactory to the City Council. • The City may issue a Conditional Certificate of Acceptance of Tax Exemption, based on the information provided by the Applicant. The Conditional Certificate will be effective for not more than three(3)years, but may be extended for an additional 24 months under certain circumstances. The city will issue a Final Certificate of Tax Exemption upon completion of the project,satisfactory fulfillment of all contract terms,a final inspections, and issuance of a Certificate of Occupancy. • If the exemption is canceled for noncompliance or the project ceases to be eligible an additional tax shall be imposed as follows: A. The difference between the tax actually paid and the tax which would have been due for the pro rata portion of the tax year following cancellation,and for each tax year thereafter, if the improvements had been valued without exemption, (not to exceed three years before the discovery of the noncompliance); plus B. A penalty of 20 percent of the difference, plus C. Interest at the statutory rate on (a)/(b)from the date tax could have been paid without penalty if the improvements had been assessed at a value without regard to the exemption. Note:The additional tax, interest and penalty(a)/(b)/(c)are due within the times provided by RCW 84.40.350- 84.40.390, and the total bears interest thereafter at the rate provided for delinquent property taxes.The additional tax, penalty and interest constitute a lien by the City of Everett upon the land which attaches at the time the property is no longer eligible for exemption,and has priority to and must be fully paid and satisfied before a recognizance, mortgage, judgment, debt, obligation,or responsibility to or with which the land may become charged or liable. Affirmation: As owner(s) of the land described in the application, I hereby indicate by my signature that I am aware of the additional tax liability to which the property will be subject if the exemption authorized by chapter 84.14 RCW, 1995 laws of Washington is canceled. I declare under penalty of perjury under the laws of the state of Washington that this application and any accompanying document have been examined by nee and that they are true, correct, and complete to the best of my knowledge. Signed at mil P ,Washington,this '/ 5 '— day of Zit, ry , 20 ly Signa reeik,II Owners)and Contract Purchaser(s) IltePp i -: ....sr Print Name C ICA-rC S C<OrD,4 ICI* Print Name "1V=4Yc` -) c ``O _ ::. Updated 2012