North Puget Sound Partners LLC & Cohoe Point 8/17/2017

MULTIFAMILY HOUSING LIMITED PROPERTY TAX EXEMPTION AGREEMENT CONDITIONAL CERTIFICATE OF ACCEPTANCE OF TAX EXEMPTION THIS AGREEMENT is entered into this 17 day of A ILLSk , 2017, by and between NORTH PUGET SOUND PARTNERS LLC &COHOE POINT LLC (hereinafter referred to as the "Applicant"), and the CITY OF EVERETT, a first-class charter city (hereinafter referred to as the "City"). WITNESSETH: WHEREAS, the City has an interest in stimulating new construction or rehabilitation of multi-family housing in the Residential Target Area in order to reduce development pressure on single family residential neighborhoods,to increase and improve housing opportunities, and to encourage development densities supportive of transit use; and WHEREAS,the City has, pursuant to the authority granted to it by Chapter 84.14 RCW, designated the Residential Target Area for the provision of a limited property tax exemption for new multi-family residential housing; and WHEREAS,the City has,through Ordinance No. 2377-98, as amended by Ordinances 2408-99, 2979-07, 3032-07, 3271-12 and 3334-14 (Chapter 3.78 EMC) enacted a program whereby property owners may qualify for a Final Certificate of Tax Exemption which certifies to the Snohomish County Assessor that the owner is eligible to receive a limited property tax exemption; and WHEREAS, the Applicant has made application for a limited 12-year property tax exemption for constructing 140 apartment units; and WHEREAS,the Applicant has executed a "City of Everett Application for Tax Exemption on Multiple Family Units within a Designated Residential Target Area", a copy of which is made a part hereof and is attached as Exhibit "A"; and WHEREAS,the Applicant has submitted to the City preliminary site plans and floor plans for new multi- family residential housing to be constructed on property situated within the City's Residential Target Area at 3214 Broadway Avenue and described more specifically as set forth in the legal description in Exhibit "B" attached hereto and made a part hereof(hereinafter referred to as the "site"); and WHEREAS, the City has determined that the improvements will, if completed as proposed, satisfy the requirements for a Conditional Certificate of Tax Exemption and has issued its Approval of Application as set forth in Exhibit"A"; NOW,THEREFORE, the City and the Applicant mutually agree as follows: 1. The City agrees to issue the Applicant a Conditional Certificate of Acceptance of Tax Exemption.