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i <br /> Metro Everett,Incentives Proposal(Draft) <br /> o Improve pedestrian path from Everett Station to downtown with grant <br /> funding,city capital funds and other sources <br /> o Pursue grant opportunities for placemaking,transportation improvements, <br /> events,brownfields,etc. <br /> The following are development incentives to consider: <br /> o Allow higher density,heights and floor area ratios in Metro Everett in <br /> exchange for public amenities provided by development <br /> o Provide significantly reduced parking in exchange for efforts that will <br /> measurably reduce vehicle trips <br /> Incentive Program Summary <br /> Expansion of Existing City Financial Incentives: <br /> The following financial incentive programs would be expanded. Some programs would <br /> defer or delay fee collection,while others would reduce the amount of fees or taxes <br /> collected. <br /> Revenue <br /> Deferred or <br /> Program Reduced? <br /> o Expansion of the multifamily tax exemption(MFTE) program Deferred <br /> to all of Metro Everett <br /> o Reduce transportation impact fees for development in Metro Reduced <br /> Everett(currently limited to B3 zone) <br /> o Expand impact fee deferral system (currently limited to <br /> single family homes) to high density(7 or more stories) mixed Deferred <br /> use development <br /> o Expand the 80%reduction of impact fees for very low-income Reduced <br /> housing program to include utility connection charges <br /> o Expand new job tax credit program for those businesses that <br /> create ten (10) or more new full-time employment positions in Reduced <br /> Metro Everett <br /> New City Financial Incentives: <br /> The following financial incentive programs are either new or a significant expansion of <br /> an existing program. <br /> Revenue <br /> Program Note <br /> o Reduce or subsidize utility connection charges in Metro General fund <br /> Everett(potential general fund subsidy) subsidy? <br /> Draft,August 23,2016 4 <br /> 11 <br />