2007/03/21 Council Agenda Packet

dotztor4.60,0*.okitotowAtaT PROJECT TITLE An Ordinanceamending the Consent COUNCIL BILL# COD City's Multi Family=Housn'g Action Originating Department Planning Tax Provisions, Ordinance No. 02-07-07 First Reading Contact Person Allan Giffen 2347 98 (Chap 3 78 EMC). 02-14-07 Second Reading Phone Number 257-8725 02-21-07 Third Reading FOR AGENDA OF 2-7; 2-14; 2-21 Public Hearing Initialed by: a<gartment_Hc l ` -------- -_.._.. CAA .3L' - Council President IMCc Location Preceding Action Attachments Department(s)Approval B-3 zone,Everett Station Downtown Plan adopted Ordinance in Legislative Planning,Legal,Building area and some residential July 26, 2006 format areas abutting the CBD . AmountBitdgeted N/A Expenditure Required N/A Account Number(s):N/A Budget Remaining N/A Additional Required N/A a DETAILED SUMMARY STATEMENT: In order to encourage the development of more market rate housing in the downtown;the.Downtown Plan called for expanding the boundaries of the area in which qualifying projects are eligible for the property tax exemption provided by RCW 84.14. The attached ordinance expands the boundaries of the tax exemption area to include the areas that were rezoned to B-3 at the time the downtown plan was adopted. It also adds the Everett Station Overlay zoning area east of Broadway. In addition to expanding the boundaries,the proposed ordinance also: • Reduces the minimum number of dwellings required for eligibility from 20 to 4(same as State law) • Does not allow the exemption to apply to single family homes converted to multi-family dwellings • Adds provisions related to design quality and quality building materials • Extends the;horizon of the tax exemption from 2008 to 2018 - • Removes parking requirements by referring to the parking standards of the.Zoning Code RECOMMENDATION (Exact action requested of Council): Adopt Ordinance amending the City's Multi Family Housing Tax Provisions, Ordinance No.2347-98 (Chap. 3.78 EMC). 5 ,