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Section 3. Section 15.0 of Ordinance No. 2347-98, as amended (EMC 3.78.150.C), which reads <br /> as follows: <br /> C. Residential Targeted Area Designated. The areas hereby declared to be the residential <br /> targeted area of the city of Everett are the areas depicted on Exhibits A and B, which are attached <br /> to the ordinance codified in this section, and which are legally described in subsections A and B <br /> of this section. <br /> is hereby amended to read as follows, and shall be re-codified as EMC 3.78.150.D: <br /> D. Residential Targeted Area Designated. The areas hereby declared to be the residential <br /> targeted area of the city of Everett are the areas depicted on Exhibits A, B and C, which are <br /> attached to the ordinances codified in this section, and which are legally described in subsections <br /> A, B and C of this section. <br /> Section 4. Section 15.D of Ordinance No. 2347-98, as amended (EMC 3.78.150.C), which reads <br /> as follows: <br /> D. If a part of any legal lot is within the urban center or is within the residential targeted area, <br /> then the entire lot shall be deemed to lie within such area. <br /> Shall be re-codified as EMC 3.78.150.E. <br /> Section 5. Sec. 7.D of Ordinance No. 2347-98, as amended (EMC 3.78.070.D), which reads as <br /> follows: <br /> D. Project Eligibility. A proposed project must meet the following requirements for <br /> consideration for a property tax exemption: <br /> 1. Location. The project must be located within the residential targeted area as designated <br /> pursuant to Section 3.78.150. <br /> 2. Tenant Displacement Prohibited. The project must not displace existing residential tenants <br /> of structures that are proposed for redevelopment. Existing dwelling units proposed for <br /> rehabilitation must have been unoccupied for a minimum of twelve months prior to submission <br /> of an application and must fail to comply with one or more requirements of the Uniform <br /> Building Code or of the city's housing ordinance as set forth in EMC Title 16. Applications for <br /> new construction cannot be submitted for vacant property upon which an occupied residential <br /> rental structure previously stood, unless a minimum of twelve months has elapsed from the time <br /> of most recent occupancy. <br /> 3. Size. The project must include a minimum of: <br /> a. Eight multifamily housing units; or <br />