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EVERETT CITY COUNCIL AGENDA I l'EM COVER SHEET <br /> PROJECT TITLE: <br /> An Ordinance Extending the 7/12/17 Briefmg COUNCIL BILL# eti70f1.-Z7 <br /> Termination of the Multiple Proposed Action Originating Department Planning <br /> Family Property Tax Consent Contact Person Allan Giffen <br /> Exemption Program until <br /> January 1,2019, Amending Action Phone Number (425)257-8725 <br /> Section 16 of Ordinance No. 7/12/17 First Reading FOR AGENDA OF 7/12/17 <br /> 2347-98, as amended 7/19/17 Second Reading 7/19/17 <br /> (EMC Chapter 3.78) 7/26/17 Third Reading 7/26/17 <br /> Public Hearing <br /> Initialed by: <br /> Department Head <br /> CAA <br /> Council President �y <br /> Location Preceding Action Attachments Department(s)Approval <br /> Ordinance Planning, Legal <br /> Amount Budgeted -0- <br /> Expenditure Required -0- Account Number(s): <br /> Budget Remaining -0- <br /> Additional Required -0- <br /> DETAILED SUMMARY STATEMENT: The City Council first established the Multiple Family <br /> Property Tax Exemption in 1998,to provide an incentive for development of housing in the downtown <br /> area. The Council has expanded the program several times to encourage additional housing in targeted <br /> growth areas,including Everett Station,the Evergreen Way Swift Bus Rapid Transit station areas,the <br /> north Broadway college district and in the Port of Everett's Waterfront Place. Ordinance No. 2347-98 <br /> included a termination provision for the program, effective January 1,2018. Without an extension of this <br /> date,the program will no longer be available to multi-family housing in the targeted areas. The City is <br /> currently working on the Metro Everett Subarea Plan,which will include some potential changes to the <br /> property tax exemption program. The Council will consider these changes in 2018. The proposed <br /> ordinance will extend the termination date for the program until January 1, 2019. When the Council <br /> considers the potential changes to the program in 2018, it can also consider extending or eliminating the <br /> termination provision in EMC 3.78.160. <br /> RECOMMENDATION(Exact action requested of Council): <br /> Adopt An Ordinance Extending the Termination of the Multiple Family Property Tax Exemption Program <br /> until January 1, 2019, Amending Section 16 of Ordinance No. 2347-98, as amended(EMC Chapter 3.78). <br /> 7 <br />