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7 <br />Ordinance No. <br />An Ordinance Amending the City's Multifamily Housing Property Tax Exemption <br />Regulations, Section 1 of Ordinance No. 2408-99, Section 8 of Ordinance No. 2347-98, as <br />amended (EMC 3.78.080). <br />WHEREAS, the City Council finds the following: <br />1. The City adopted Ordinance No. 2347-98 establislhing the Multiple Family Property Tax <br />Exemption program in 1998 to support the development of housing in designated urban <br />centers under RCW Chapter 84.14, as codified in EMC Chapter 3.78; <br />2. The City has periodically amended the Multiple Family Property Tax Exemption <br />program by adding areas to the program and amending the requirements of EMC Chapter <br />3.78; <br />3. In 2015, the City Council added the North Broadway Urban Center area, which includes <br />the Everett Community College Institutional Overlay Zone, to encourage the <br />development of student housing by private property owners; <br />4. EMC 3.78.080.A requires an applicant for the property tax exemption to submit an <br />application therefore prior to filing an application for building permits; <br />5. In 2015, Koz EvCC LLC obtained approval of building permits for a student housing <br />building within the North Broadway Urban Center area, to be occupied by students <br />through a master lease agreement with Everett Community College; <br />6. Koz EvCC LLC had been advised by the Department of Revenue that the master lease <br />agreement with Everett Community College would make the property exempt from <br />property taxes pursuant to RCW 84.36.050, and therefore did not apply for the property <br />tax exemption prior to application for building permits; <br />7. The State Attorney General's office has determined that the Koz EvCC LLC property is <br />not exempt from property taxes pursuant to RCW 84.36.050; <br />8. Everett Community College has indicated that the property tax exemption is necessary <br />for the building to be economically feasible for the college; and <br />WHEREAS, the City Council concludes the following: <br />1. The City is supportive of the development of student housing in the vicinity of Everett <br />Conununity College, and established the North Broadway Urban Center, in part, to <br />encourage such housing in the urban center; . <br />2. An amendment to EMC 3.78.080.A is necessary to allow the City to consider a request <br />for the property tax exemption after the applicant has made application for a building <br />permit; <br />