Resolution 6527 - Laserfiche WebLink

15. The higher density bonus cases are generally compatible with existing development, except in the C-2 ES zone where residential uses may conflict with warehouse and industrial uses. 16. The higher density development under the TDR scenarios may place greater demands on infrastructure, but these demands may not exceed the infrastructure capacity for the foreseeable future. The most important infrastructure needs are likely to be community amenities such as sidewalks, streetscape improvements, pedestrian pathways and parks. 17. Recent legislation authorizing tax increment financing in conjunction with transfer of development rights is unlikely to generate significant levels of funding for infrastructure improvements. RECOMMENDATIONS 1. The City should consider developing an interjurisdictional TDR program with Snohomish County in order to make use of provisions already included in the Everett Zoning Code that are dependent on the enactment of such a program While it is likely that other bonus provisions will also be used in the B-3, BMU, E-1 and MUO zones to allow greater housing or non-residential density, the TDR program does give developers one more option to make a project economically feasible if other tools do not work, or if a combination of bonus elements is needed to achieve the needed rate of return on investment. These zones are locations the City has already determined should encourage additional density and redevelopment. 2. The City should make use of the powerful Multifamily Tax Exemption program to encourage higher density development in areas of the City which are the most promising candidates for higher density development. TDR receving areas that also are eligible for the Multifamily Tax Exemption are more likely to be successful than without the tax exemption. The Multifamily Tax Exemption program can provide a strong financial incentive for developers to provide higher density residential development. The City can set appropriate criteria for location, income levels and densities; as well as desirable design features. Provision of development meeting these criteria will come at the cost of foregone tax revenue. The City should invest its foregone revenue in such ways as to maximize its own returns. While the nature and value of the returns are subjective and subject to local policy determination, the return from desired development characteristics would be captured entirely by the City, while the preservation of open space or resource lands is not captured directly and is shared throughout the County. 3. The City shouldn't be an active participant in the Transfer of Development Rights program as currently conceived in the regional TDR program and current legislation (ESB 5253). EVERETT TRANSFER OF DEVELOPMENT RIGHTS STUDY FINAL REPORT PROPERTY COUNSELORS PAGE 9