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ORDINANCE NO. 3 2 71-12 <br /> An Ordinance Expanding the Multiple Family <br /> �'^ <br /> Property Tax Exemption to the E4 MUO (Mixed Use �� <br /> Overlay) Zone Amending Ordinance No. 2347-98, as <br /> amended (EMC Chapter 3.78). <br /> WHEREAS,the City Council finds the following: <br /> 1. The City Council initiated preparation of the Evergreen Way Revitalization Plan in 2009, <br /> the goals of which include encouraging more residential and mixed use development to <br /> support the significant public investment made by the City and Community Transit in the <br /> Swift Bus Rapid Transit service on Evergreen Way. <br /> 2. The adopted Everett Growth Management Comprehensive Plan designates Evergreen <br /> Way as a high intensity mixed use corridor and encourages a greater density of housing <br /> development in proximity to transit facilities. <br /> 3. The City engaged the services of an economist to evaluate the economic viability of <br /> different land uses for the Evergreen Way corridor, including residential and mixed use <br /> development. <br /> 4. The economic analysis found that residential and mixed use redevelopment on Evergreen <br /> Way would be substantially more viable with a range of incentives not currently available <br /> in Everett's municipal code. <br /> 5. The economic analysis recommends that the City extend the Multiple Family Property <br /> Tax Exemption allowed under RCW 84.14 to the areas near the Swift Bus Rapid Transit <br /> stations, which have been rezoned to E-1 MUO (Mixed Use Overlay). <br /> 6. The City established the Multiple Family Property Tax Exemption program in 1998 to <br /> encourage residential redevelopment in the downtown urban center, which has resulted in <br /> the construction of approximately 540 housing units in an area that had experienced little <br /> housing development in the preceding twenty years prior to the creation of the program. <br /> 7. RCW 84.14.010 defines areas eligible for designation as "urban centers"where the <br /> Multiple Family Property Tax Exemption is intended to be used to stimulate housing <br /> development in targeted areas where a mix of uses and adequate urban infrastructure <br /> exists. <br /> 1 <br />