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4 I, <br /> a I T-NFRETT CITY COUNCILL AGENDA ITEM COVER S _PrT 1 6 <br /> I <br /> PROJECT TTTLE: <br /> A Resolution declaring the 04/13/16 B.riefing COUNCIL FILL <br /> Proposed Action OriginatingDepartment Planning <br /> City's intention to designate <br /> Waterfront Place as an Urban Consent Contact Person Allan Ciffen <br /> Center under the Multiple 04/27/16 Action Phone Number (425)257-8725 <br /> Family Property Tax First Reading " FOR AGENDA OF 04/13/16 <br /> Exemption provisions of Second Reading 04/27/16 <br /> RCW Chapter 84.14,and Third Reading <br /> setting May 11, 2016 as the Public Hearing - <br /> date for a public hearing Initialed by: <br /> Department Head <br /> CAA <br /> Council President <br /> N;, ' <br /> I ` <br /> Location Preceding Action • Attachments Department(s)Approval <br /> Port of Everett City Council Master plan Proposed Resolution and Planning,Legal <br /> Waterfront Place approval January 21, map • <br /> Redevelopment 2015 <br /> Amount Budgeted I -0- <br /> Expenditure Required -0- 1 Account Number(s): <br /> Budget Remaining I -0 <br /> Additional Required I -0- <br /> DETAILED SUMMARY STATEMENT: The City Council approved the master plan for Waterfront <br /> Place in January,2015. The master plan includes an area where residential development is allowed. The <br /> Port of Everett has asked the City to establish the Multiple Family Property Tax Exemption area for a portion <br /> of the redevelopment plan(two parcels) that will be developed with mixed use retail and housing in the next <br /> phase of development. The cost of constructing rental housing on a till site, combined with the plan to locate <br /> the required off-street parking within a parking structure,makes residential development infeasible in the <br /> current and foreseeable rental housing market in Everett. The property tax exemption would appear to make <br /> development of multiple-family housing economically viable. <br /> State law requires the City to adopt a Resolution stating its intention to establish the area as an urban center, <br /> and to establish a public hearing date. Adopting the attached Resolution sets the date for that public hearing <br /> on May 11, 2016. <br /> b._a .(__ ' ___ _3- I . E c_cratlion 1.c.`Le I cf,Council Ado-i L i. •-,-,--111,1i,(,11,j-cic` incr Lw_ h - <br /> ,l; 1, <br /> -- - - -1 i - - -, - j - _ ; .' -1-..-Lt i',-)i- L,I 1 L'_ H= •-',-:- <br /> . -_ - <br /> 19 <br />