Laserfiche WebLink
ORDINANCE NO. 2408-99 111111 <br /> AN ORDINANCE amending Sections 7, 8 and 9 of Ordinance No. <br /> 2347-98 which established a 10 year exemption from real property taxation <br /> for the development of multi-family housing in a designated residential <br /> targeted area to conform to amendments to state law by Chapter 132, Laws <br /> of 1999 and otherwise conforming to existing state law. <br /> WHEREAS,the Washington State Legislature amended Chapter 84.14 RCW the <br /> enabling legislation for Ordinance No. 2347-98,by Chapter132, Laws of Washington <br /> 1999 and therefore it is desirable and necessary for the City to conform its Ordinance to <br /> reflect current state law; and <br /> WHEREAS, technical amendments relating to application sequencing and <br /> procedures for disposition of the filing fees have been suggested to make the processing <br /> for exemption more efficient and such is in the best interest of the City's goal of making <br /> the downtown area more residentially compatible; <br /> Now therefore, THE CITY OF EVERETT DOES ORDAIN: <br /> Section 1. Sections 7, 8 and 9 of Ordinance No. 2347-98 which read as follows: <br /> Section 7. Tax Exemption For Multi-Family Housing in Residential Targeted Areas. <br /> A. Intent. Limited 10 year exemptions from ad valorem property taxation <br /> for multifamily housing in urban centers are intended to: <br /> 1. Encourage increased residential opportunities within the urban center <br /> designated by the City Council as a residential targeted area; <br /> 2. Stimulate new construction or rehabilitation of existing vacant and <br /> underutilized buildings for multifamily housing in the residential targeted area to increase <br /> and improve housing opportunities; <br /> 3. Assist in directing future population growth in the designated urban <br /> center,thereby reducing development pressure on single-family residential <br /> neighborhoods; and <br /> 4. Achieve development densities which are more conducive to transit use in <br /> the designated urban center. <br /> B. Duration of Exemption. The value of improvements qualifying under this <br /> ordinance will be exempt from ad valorem property taxation for 10 successive years <br /> 1 <br />