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EVERETT CITY COUNCIL AGENDA ITEM COVER SHEET <br />PROJECT TITLE: <br />An Ordinance Amending the <br />City's Multifamily Housing <br />Properly Tax Exemption <br />Regulations, Section 1 of <br />Ordinance No. 2408-99, <br />Section 8 of Ordinance No. <br />2347-98, as amended (EMC <br />3.78.080). <br />Location <br />Amount Budgeted <br />Expenditure Required <br />Budget Remaining <br />Additional Required <br />5/18/16 <br />Briefing <br />Proposed Action <br />Consent <br />Action <br />5/18/16 <br />First Reading <br />5/25/16 <br />Second Reading <br />6/1/16 <br />Third Reading <br />6/1/16 <br />Public Hearing <br />PrecedinLy Action <br />COUNCIL BILL # <br />Originating Department <br />Contact Person <br />Phone Number <br />FOR AGENDA OF <br />Initialed by: <br />Department Head <br />CAA <br />Council President <br />Attachments <br />Ordinance, Letter <br />Account Number(s): <br />Planning <br />Allan Giffen <br />(425) 257-8725 <br />May 18, 2016 <br />May 25, 2016 <br />June 1, 2016 <br />Planning, Legal <br />DETAILED SUMMARY STATEMENT: <br />This is a request to adopt an Ordinance amending the City's Multifamily Housing Property Tax Exemption <br />Regulations, Section 1 of Ordinance No. 2408-99 and Section 8 of Ordinance No. 2347-98. <br />In 2015 the City Council established the North Broadway Urban Center, in part, to encourage the <br />development of student housing near Everett Community College and Washington State University through <br />the property tax exemption incentive under Everett Municipal Code Chapter 3.78. <br />Koz Development has secured building permits and is currently constructing a building, to be leased by <br />Everett Community College for student housing, within the North Broadway Urban Center. Koz mistakenly <br />believed that the project would be exempt from property taxes under RCW 84.36.050, and did not apply to <br />the City for the property tax exemption. EMC 3.78.080.A requires the application for tax exemption to be <br />filed prior to submitting an application for the building permit. <br />The City has received correspondence from Everett Community College requesting an amendment to EMC <br />3.78.080 to allow for consideration of the Koz Development property for the property tax exemption. Their <br />letter states that the building lease will not be economically feasible for the college without the tax <br />exemption. The ordinance would allow a project located in the Institutional Overlay Zone to file an <br />application for tax exemption prior to issuance of a Certificate of Occupancy. The ordinance would become <br />void on January 1, 2017. <br />RECOMMENDATION (Exact action requested of Council): <br />Adopt Ordinance Amending the City's Multifamily Housing Property Tax Exemption Regulations, Section 1 <br />of Ordinance No. 2408-99, Section 8 of Ordinance No. 2347-98, as amended (EMC 3.78.080). <br />5 <br />