Laserfiche WebLink
ORDINANCE NO. 3032-07 <br /> An Ordinance Amending the City's Multiple Family Housing Property Tax <br /> Exemption Provisions, Ordinance No. 2347-98, <br /> as amended by Ordinance No. 2979-07, (Chapter 3.78 EMC) <br /> WHEREAS, RCW 84.14 allows cities to establish a property tax exemption for cities to <br /> encourage the development of multiple family housing in targeted urban centers; and <br /> WHEREAS, the City enacted Ordinance No. 2347-98 implementing a property tax <br /> exemption for development of housing within a targeted area; and <br /> WHEREAS, Ordinance No. 2979-07 amended the area in which the property tax <br /> exemption applies; and <br /> WHEREAS, the State Legislature did enact Engrossed Second Substitute House Bill <br /> 1910 in the 2007 legislative session that made changes to the duration of the property tax <br /> exemption depending upon whether the project incorporates specific affordable housing <br /> provisions; and <br /> WHEREAS, the City Council finds the following: <br /> 1. The proposed change to allow a 12 year property tax exemption for projects that <br /> incorporate provisions for affordable housing are in the best long-term interest of the <br /> City; and <br /> 2. The proposed change to allow an 8 year property tax exemption for projects that do <br /> not meet the minimum requirements for affordable housing will still provide a substantial <br /> incentive for the development of market rate housing within the City's designated urban <br /> center and will promote the best long term interest of the City; and <br /> 1 <br />