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I <br /> 00 21 <br /> it, nun ` <br /> s 1 um irres 1. <br /> I nee nties <br /> ,. .111.4\ ,14,PIM z' <br /> iv <br /> ,.....„,..... , <br /> 'mac METRO EVERETT .' <br /> Your City.Your id us.Your FLIU t. 1 <br /> 4:b <br /> Overview <br /> The city of Everett's 2035 growth targets accommodate very high growth assumptions of <br /> the Vision 2040 Regional Growth Strategy.While the City believes it is unlikely that all of <br /> the factors and actions needed to support the high levels growth will be realized in Everett, <br /> the City committed to completing a Metro Center Plan that might"bend the trends" of <br /> historic development rates and densities. <br /> In addition to the City's goal to bend the trends,public input thus far has also shown that <br /> there is a desire for development that meets local community objectives. <br /> What We Want or Need <br /> The City has identified the following Metro goals that need incentives (financial or <br /> development) to be achieved,particularly if quicker results are desired. <br /> 41 ADD 1,000 UNITS OF MARKET-RATE HOUSING IN METRO EVERETT IN 7 YEARS <br /> Over the past 20-years, approximately 1,000 units were added in the metro area. <br /> This housing has been a welcome addition and is being quickly absorbed by the <br /> market. However,the area has not grown nearly as fast as some"hot" centers <br /> elsewhere in Puget Sound.Additional market-rate housing,provided at a quicker <br /> pace,will have a significant benefit to the business community and cultural arts that <br /> will grow to support the residential component. <br /> Incentives needed: The primary incentive needed is financial. The cost of <br /> construction has risen dramatically in the Puget Sound market(including Everett), <br /> but market rents in Everett are high enough to make construction of new housing <br /> financially viable. Financial incentives could include: <br /> o Expansion of the multifamily tax exemption (MFTE) program to all of <br /> Metro Everett <br /> o Reducing transportation impact fees for development in Metro Everett <br /> (currently limited to B3 zone) <br /> o Expand impact fee deferral system (currently limited to single family <br /> homes) to high density(7 or more stories) mixed use development <br /> o Reduce or subsidize utility connection charges in Metro Everett <br /> While downtown and Everett Station already have significant development <br /> incentives,additional incentives are likely needed to bend the trends,such as: <br /> o Reduced parking,in exchange for ways to measurably reduce vehicle trips <br /> 8 <br />