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C), <br /> housing. The covenant shall be an obligation that runs with the land upon which the housing is <br /> located, and shall be recorded against the title of the real property. <br /> Is hereby amended to read as follows: <br /> A. The city council may, on a case-by-case basis, grant exemptions to the application of the <br /> fee schedule for low income housing in accordance with the conditions specified under RCW <br /> 82.02.060(2). To qualify for the exemption, the developer shall submit a petition to the planning <br /> and community development director for consideration by the council prior to application for <br /> building permit. Conditions for such approvals shall meet the requirements of RCW 82.02.060(2) <br /> and include a requirement for a covenant to assure the project's continued use for low income <br /> housing. The covenant shall be an obligation that runs with the land upon which the housing is <br /> located, and shall be recorded against the title of the real property. <br /> B. The city may, on a case-by-case basis, grant a partial exemption of not more than eighty <br /> percent of school impact fees, with no explicit requirement to pay the exempted portion of the fee <br /> from public funds, for low-income housing units, pursuant to the following: <br /> 1. The Mayor, or designee, after approval by the applicable school district, may grant an <br /> exemption to a low-income housing project for each low-income unit. <br /> The decision to grant, partially grant or deny an exemption shall be based on the public <br /> benefit of the specific project, the extent to which the applicant has sought other funding <br /> sources, the financial hardship to the project of paying the impact fees, the impacts of the <br /> project on school facilities and services, and the consistency of the project with adopted <br /> city plans and policies relating to low-income housing. <br /> 3. An exemption granted under this subsection must be conditioned upon requiring the <br /> developer to record a covenant approved by the director of planning and community <br /> development that prohibits using the property for any purpose other than for low-income <br /> housing. At a minimum, the covenant must address price restrictions and household <br /> income limits for the low-income housing, and require that, if the property is converted to a <br /> use other than for low-income housing as defined in the covenant, the property owner <br /> must pay the applicable impact fees in effect at the time of any conversion. Covenants <br /> required by this subsection must be recorded with the Snohomish County Auditor. <br /> 4. For purposes of this section, low-income housing is defined as any housing with a monthly <br /> housing expense;that is no greater than thirty percent of fifty percent of the median family <br /> income adjusted for family size, for Everett, as reported by the United States Department <br /> of Housing and Urban Development. <br /> Section 3. Section 9 of Ordinance No. 3396, as amended (EMC 18.44.090), regarding "Collection <br /> and transfer of fees" for School District Impact Fees, which reads as follows: <br /> A. School impact fees shall be due and payable to the city by the developer at the time of <br /> issuance of residential building permits for all developments. The city may make alternative <br /> arrangements with a school district for collection of impact fees, provided payment is made prior <br /> to the issuance of residential building permits for all developments. <br /> B. Districts eligible to receive school impact fees required by this chapter shall establish an <br /> interest-bearing account and method of accounting for the receipt and expenditure of all impact <br /> fees collected under this chapter. The school impact fees shall be deposited in the appropriate <br /> district account within ten days after receipt, and the receiving school district shall provide the city <br /> with a notice of deposit. <br /> 9 <br /> 22 <br />