2012/04/11 Council Agenda Packet

EVERETT CITY COUNCIL AGENDA ITEM COVER SHEET 5 PROJECT TITLE: \ An Ordinance Expanding the Consent COUNCIL BILL# �IG r1DO Multiple Family Property Tax 4-18-12 Action Originating Department Planning Exemption to the E-1 MUO 4-4-12 First Reading Contact Person Allan Giffen (Mixed Use Overlay) Zone 4-11-12 Second Reading Phone Number 425-257-8725 Amending Ordinance No. 4-18-12 Third Reading FOR AGENDA OF 4-4-12,4-18-12 2347-98, as amended 4-4-12 Briefing (EMC Chapter 3.78) Initialed by: Department Head CAA vi Council President Location Preceding Action Attachments Department(s) Approval Mixed Use Overlay Zones on Planning Commission Ordinance Legal,Planning Rucker Ave. and Evergreen Way approval 2-21-12 Amount Budgeted N/A Expenditure Required N/A Budget Remaining N/A Additional Required N/A DETAILED SUMMARY STATEMENT: This is the fourth of a series of six ordinances that will adopt and implement the Evergreen Way Revitalization Plan. This ordinance expands the Multiple Family Property Tax Exemption program of EMC 3.78 to the areas within the Mixed Use Overlay zones, in proximity to the Swift Bus Rapid Transit(BRT) stations. The existing comprehensive plan policies encourage a greater mix of housing on commercial corridors, especially in proximity to high capacity transit stations. One of the goals of the Evergreen Way Revitalization Plan is to encourage multi-family housing as a use that supports the Swift BRT stations. The economic analysis prepared for the Evergreen Way Revitalization Plan concluded that multiple family housing in the corridor is allowed,but not economically viable, under the City's existing regulations. It recommends a number of specific actions to increase the likelihood for successful, attractive multi-family housing, including the Multiple Family Property Tax Exemption. This ordinance expands the program to the areas in the Mixed Use Overlay zone,which are all centered around the Swift BRT stations. The program would not be available to the E-1 zoned properties outside of the MUO zones. The ordinance establishes a menu of design measures specifically for the MUO zoned areas, including affordable housing incentives, structured parking, open space, streetscape, and pedestrian connectivity requirements in order to qualify for the property tax exemption. A qualifying project would be exempt from property taxes for the residential improvements(not including land or non-residential uses)for 8 years for market rate housing, and for 12 years if 20%of housing units meet the definition of affordable. RECOMMENDATION (Exact action requested of Council): Adopt Ordinance Expanding the Multiple Family Property Tax Exemption to the E-1 MUO (Mixed Use Overlay) Zone Amending Ordinance No. 2347-98,as amended(EMC Chapter 3.78). 193