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4 <br /> ORDINANCE NO. <br /> An Ordinance Amending the City's Multiple Family Housing Tax Provisions, <br /> Ordinance No.2347=9'8; (Chapter 3.78 EMC) - <br /> WHEREAS, RCW 84.14 allows cities to establish a property tax exemption for cities to <br /> encourage the development of multiple family housing in targeted urban centers; and <br /> WHEREAS, the City enacted Ordinance No. 2347-98 implementing a property tax exemption <br /> for development of twenty or more dwelling units within a targeted area designated by Map No. <br /> 15-1 of the Everett Zoning Code(EMC Title 19); and <br /> WHEREAS, Ordinance No. 2347-98 established a ten-year period in which qualifying projects <br /> could apply for the property tax exemption, which will expire in 2008 unless extended; and <br /> WHEREAS,the City has recently completed a planning process culminating in the adoption of <br /> the Downtown Subarea Plan as an amendment to the City's Growth Management <br /> Comprehensive Plan; and <br /> WHEREAS;the Downtown Subarea Plan encourages the further development of multiple <br /> family housing as an important strategy in the redevelopment of the downtown; and <br /> WHEREAS,the Everett Station Area Plan encourages housing on larger parcels and live-work <br /> housing units in the vicinity of Everett Station; and <br /> WHEREAS,the rezone actions that accompanied the adoption of the Downtown Subarea Plan <br /> allow and encourage the development of multiple family housing in areas that are both within <br /> and outside of the area designated for the property tax exemption by Ordinance No. 2347-98; and <br /> WHEREAS, only two developments have benefited from the property tax exemption since it <br /> was enacted by the City in 1998; and <br /> WHEREAS, RCW.84.14 allows the property tax exemption, at the discretion of the City, to <br /> apply to qualifying developments with as few as four dwelling units; <br /> WHEREAS, the City Council finds the following: <br /> 1 <br /> 6 <br />