Laserfiche WebLink
<br /> PAGE 2 <br />approach in developing Waterfront Place by creating a master plan for the Park District and <br />making parcels available for private development that fit the overall vision. Diversifying the <br />buildout of the Park District among multiple experienced developers would reduce EHA’s <br />liability exposure, financial risk, and execution risk. <br /> <br />• Another argument for allowing the private sector to develop the market rate housing <br />portion of the Park District is to ensure that our community benefits from the potential <br />property tax revenue in the years ahead. To give you one example, here is the 2024 <br />property tax benefit from Library Place, a 200-unit development in Downtown Everett: <br /> <br />District 2024 Rate 2024 Amount <br />Central Regional Transit Authority 0.16 $6,031.29 <br />City of Everett 1.90 $69,409.38 <br />Everett School District No. 2 3.58 $131,064.48 <br />Port of Everett 0.19 $6,893.49 <br />Snohomish County - CNT 0.50 $18,461.00 <br />State 2.25 $82,387.51 <br />Total 8.59 $314,247.15 <br /> <br />• Assuming 1,200 of the Park District’s proposed 1,500 housing units (80%) are developed as <br />market rate apartments by private sector partners, the non-EHA portion of the project could <br />generate approximately $1,885,482 per year in real estate tax revenue. In this scenario, the <br />Everett School District would receive approximately $786,386 per year and the City of <br />Everett would receive $416,456 per year – based on current property values. <br /> <br />• Separately, I understand the EHA is the only stakeholder in Downtown Everett that is not <br />participating in the Downtown Improvement District. When the Business Improvement <br />Area (BIA) was expanded in 2018 to include the Broadway Plaza complex, the Everett <br />Housing Authority refused to join the City, County, Imagine Children’s Museum, Historic <br />Everett Theatre, Everett History Museum, non-profit organizations, faith-based <br />organizations, and private property owners in funding the essential clean and safe programs <br />that help make Everett’s urban center a vibrant place to live and work. This doesn’t reflect <br />the high standard of stewardship that the EHA is promising to the Delta neighborhood. <br /> <br />Lastly, if I were serving as an EHA commissioner, here are a few questions I would ask: <br /> <br />• Have we completed a market analysis that supports the number and type of housing units <br />that we propose to build in the desired time frame? Does the market analysis reflect <br />current market rents in Everett or aspirational / inflation adjusted rents? Can the market <br />absorb the proposed EHA units and private sector units at the same time? <br /> <br />• Have we obtained a per unit construction cost estimate for the different types of housing <br />that we propose to build, e.g. townhome, 5-over-2 podium, concrete and steel tower, etc. <br />Have we obtained a per stall construction cost of building underground parking versus <br />surface parking? How do these estimated costs compare with the estimated income per <br />unit that we expect to receive?