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ORDINANCE NO. 3555-17 <br /> An Ordinance Extending the Termination of the Multiple Family Property Tax <br /> Exemption Program until January 1,2019,Amending Section 16 of <br /> Ordinance No. 2347-98, as amended (EMC Chapter 3.78) <br /> WHEREAS,the City Council finds the following: <br /> 1. In 1995, the State Legislature established an incentive program intended to stimulate the <br /> development of multiple family housing within urban centers in cities to support <br /> comprehensive plans and redevelopment in areas that lacked sufficient available, <br /> attractive, convenient, desirable, and livable residential housing to meet the needs of the <br /> public. <br /> 2. The City Council adopted Ordinance No. 2347-98 in 1998 to establish the Multiple <br /> Family Property Tax Exemption in order to encourage the development of multiple <br /> family housing in the City's downtown urban center, as provided by RCW Chapter 84.14. <br /> 3. The City Council has expanded the areas in which the tax exemption is available in order <br /> to encourage housing in targeted growth areas, including Everett Station, the Evergreen <br /> Way transit corridor,the college district on north Broadway, and at the Port of Everett's <br /> Waterfront Place. <br /> 4. Eleven developments have been constructed under this program resulting in over one- <br /> thousand housing units in urban centers where the City's comprehensive plan encourages <br /> multi-family housing. <br /> 5. Additional developments that will use the Multiple Family Property Tax Exemption <br /> program are in the process of preliminary project review by the City. <br /> 6. EMC Section 3.78.160 provides that the program will terminate on January 1, 2018. <br /> 7. In order to extend the program, it is necessary to amend EMC Section 3.78.160. <br /> 8. The City is currently engaged in the Metro Everett Subarea planning process, and is <br /> considering recommending changes to the Multiple Family Property Tax Exemption <br /> program to incentivize construction of more affordable housing. <br /> 9. The Metro Everett planning process is expected to be completed in 2018, and potential <br /> changes to EMC Chapter 3.78 will be presented for City Council's consideration along <br /> with other measures to implement the plan. <br /> 1 <br />