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Is hereby amended to read as follows: <br /> B. Duration of Exemption. The value of new construction, conversion, and <br /> rehabilitation improvements qualifying under this chapter is exempt from ad valorem <br /> property taxation for: <br /> 1. ten successive years beginning January 1st of the year immediately <br /> following the calendar year of issuance of the final certificate of tax <br /> exemption, provided applications for certificates of tax exemption <br /> eligibility have been submitted prior to July 22, 2007; <br /> 2. eight successive years beginning January 1 of the year immediately <br /> following the calendar year of issuance of the final certificate if <br /> applications for tax exemption were submitted on or after July 22, 2007; <br /> or <br /> 3. twelve successive years beginning January 1 of the year immediately <br /> following the calendar year of issuance of the final certificate if <br /> applications for tax exemption were submitted on or after July 22, 2007, <br /> and the property otherwise qualifies for the exemption under chapter 84.14 <br /> RCW and meets the following conditions: <br /> a. the applicant must commit to renting or selling at least twenty <br /> percent of the multifamily housing units as affordable housing <br /> units to low and moderate-income households, and the property <br /> must satisfy that commitment. In the case of projects intended <br /> exclusively for owner occupancy, the minimum requirement of <br /> this subsection may be satisfied solely through housing affordable <br /> to moderate-income households. <br /> b. The exemptions provided herein do not include the value of land <br /> or non-housing related improvements. <br /> Section 4. Paragraph A Section 9 of Ordinance No. 2347-98 (EMC 3.78.070.D.6), as <br /> amended by Section 1 of Ordinance No. 2408-99, which reads as follows: <br /> A. Approval. If an application is approved by the director, the approval, together with <br /> a contract between the applicant and the city regarding the terms and conditions of the <br /> project, signed by the applicant, shall be presented to the city council with a <br /> recommendation that the council authorize the mayor to sign the contract. Once the <br /> contract is fully executed, the director shall issue a conditional certificate of acceptance <br /> of tax exemption. the conditional certificate expires three years from the date of approval <br /> unless an extension is granted as provided in this chapter. <br /> Is hereby amended to read as follows: <br /> A. Approval. If an application is approved by the director, the approval, together with <br /> a contract between the applicant and the city regarding the terms and conditions of the <br /> project, signed by the applicant, shall be signed by the mayor. Once the contract is fully <br /> executed, the director shall issue a conditional certificate of acceptance of tax exemption. <br /> 5 <br />