Resolution 5260 - Laserfiche WebLink

T RESOLUTION NO. 5260 A RESOLUTION adopting Interim Guidelines and Requirements for Multifamily Projects Applying for Tax Exemption Under City Ordinance No. 2347-98 (Chapter 3.78 EMC) WHEREAS, the Washington State Legislature in Chapter 84.14 RCW provided for 10- year exemptions from property taxation for multifamily housing located in residential target areas within cities including the City of Everett; and WHEREAS, in 1998 the City Council passed Ordinance No. 2347-98 (Chapter 3.78 EMC)providing such a tax exemption for multifamily housing located in a designated area of the downtown core; and WHEREAS, the granting of a tax exemption under Ordinance 2346-98 represents a substantial public investment in the revitalization of downtown Everett; and WHEREAS, Section 6 of Ordinance No. 2347-98 (EMC 3.78.060)authorizes the City Council to adopt"guidelines and requirements;" and WHEREAS,the City Council finds that it is necessary for the continued implementation of this tax incentive that the additional guidelines and requirements be adopted in order to provide for the higher quality market rate housing that was envisioned by this tax incentive program. Further, while these guidelines and requirements can be further refined, it is important that the interim guidelines and requirements set forth herein be adopted and implemented on an interim basis until such time as Council adopts the final guidelines and regulations; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF EVERETT THAT the City Council does hereby adopt the following interim guidelines and requirements: The granting of a tax exemption under Ordinance No. 2346-98 represents a substantial public investment in the revitalization of downtown Everett. Projects that are recommended for approval should be designed to meet the spirit as well as the letter of the tax exemption ordinance -- to promote revitalization of the downtown core by providing high quality, well designed structures that will attract residents to the downtown. Buildings approved for tax exemption should demonstrate an investment in the long-term wellbeing of the community.