Ordinance 2408-99 - Laserfiche WebLink

decision of the City Council in denying or approving the application is final. All other appeals of the Director's decisions shall be made to the Hearing Examiner. Are hereby amended to read as follows: Section 7. Tax Exemption For Multi-Family Housing in Residential Targeted Areas. A. Intent. Limited 10 year exemptions from ad valorem property taxation for multifamily housing in urban centers are intended to: 1. Encourage increased residential opportunities within the urban center designated by the City Council as a residential targeted area; 2. Stimulate new construction or rehabilitation of existing vacant and underutilized buildings for multifamily housing in the residential targeted area to increase and improve housing opportunities; 3. Assist in directing future population growth in the designated urban center,thereby reducing development pressure on single-family residential neighborhoods; and 4. Achieve development densities which are more conducive to transit use in the designated urban center. B. Duration of Exemption. The value of new construction, conversion, and rehabilitation improvements qualifying under this ordinance is exempt from ad valorem property taxation for 10 successive years beginning January 1 of the year immediately following the calendar year(issuance of the Final Certificate of Tax Exemption. C. Limits on Exemption. The exemption does not apply to the value of the land or to the value of improvements not qualifying under this ordinance,nor does the exemption apply to increases in assessed valuation of land or non-qualifying improvements. In the case of rehabilitation of existing buildings, the exemption does not include the value of improvements constructed prior to submission of the completed application required under this ordinance. D. Project Eligibility. A proposed project must meet the following requirements for consideration for a property tax exemption: 6