2016/04/27 Council Agenda Packet

- I EVERETT CITY COUNCIL AGENDA ITEM COVER SHEET PROJECT TITLE: An Ordinance Adding a Briefing COUNCIL BILL# M "-40 portion of the Waterfront Place Proposed Action Originating Department Planning redevelopment area to the Consent Contact Person Allan Giffen Multiple Family Property Tax �� Exemption program, and 05/11/16 Action Phone Number (-, 5) 257-8725 04/27/16 First Reading FOR AGENDA OF April 27, 2016 Amending Ordinance i . 2347-98, as amended(EMC 05/04/16 Second Reading May 4, 2016 Chapter 3.78) 05/11/16 Third Reading, May 11, 2016 05/11/16 Public Hearing Initialed by: Department Head CAA L Council President *InIV Location Preceding Action Attachments Department(s) Approval Port of Everett City Council master plan Ordinance Planning, Legal Waterfront Place approval January 21, 2015 Redevelopment Amount Budgeted I -0- Expenditure Required I -0- Account Number(s): Budget Remaining -0- Additional Required -0- DETAILED SUMMARY STATEMENT: The City Council approved the master plan for Waterfront Place in January, 2015. The master plan includes areas where residential development is allowed. The Port of Everett has asked the City to establish the Multiple Family Property Tax Exemption area for a portion of the redevelopment plan (two parcels)that will be developed with mixed use retail and housing in the next phase of development. The cost of constructing rental housing on a fill site, combined with the plan to locate the required off-street parking within a parking structure, makes residential development infeasible in the current and foreseeable rental housing market in Everett. The property tax exemption would appear to make development of multiple-family housing economically viable. The proposed ordinance establishes an "urban center" for the entire Waterfront Place development area, and a"residential trgeted area" in a portion of the urban center in which the proper tax exemption would apply. 1