Ordinance 2997-07 - Laserfiche WebLink

Everett's Riverfront Revenue Development Area Low-Income Housing and Small Business Impact Analysis and Mitigation Plan Section 206 (a. and b.) of Engrossed Second Substitute House Bill (ESSHB) 2673 (Chapter 181, Laws of 2006) requires the City of Everett to estimate the impact the proposed Riverfront Revenue Development Area may have low-income housing and small businesses located within the boundaries of the RDA, and develop a mitigation plan to address any impacts. The following information is offered in fulfillment of this requirement. Low-income Housing Within the Riverfront RDA The City of Everett's housing inventory indicates that there are currently no housing units within the proposed RDA, hence no low-income housing will be displaced as a result of the RDA. The City recognizes the importance of an adequate supply of low- income housing throughout the City and, where possible, the City's partnerships with non-profit agencies will continue to add to the supply of low-income housing units within the City of Everett. Accordingly, the City has not developed a mitigation plan for housing within the RDA. Impact on Housing Price Mix While redevelopment will not impact housing stock within the RDA, as there is none, the redevelopment of property within the RDA is likely to cause property values in the vicinity of the RDA to rise, including residential property values. In areas where more intensive uses are allowed, such as in the Broadway commercial corridor, or multiple family zoned neighborhoods west of Broadway, existing lower value residential uses may be redeveloped with land uses with higher values. It is not possible to determine the amount of such conversion that could be attributable to redevelopment within the RDA. In addition, this type of redevelopment in the vicinity of the RDA is likely to occur incrementally as land values generally increase in Everett, with or without the RDA or riverfront redevelopment. Small Businesses Within the Riverfront RDA It is reasonable to assume that most small businesses will be positively impacted by the creation of the RDA and the subsequent development within the area. Although the overall impact is expected to be positive, the five small businesses located within the RDA may be at risk of eventual displacement. The five small businesses within the RDA are Diversified Industries, Newland Construction, Wrecking Ball Demolition, BDZ Construction, and BSR Heavy Equipment. These small businessesare located within the proposed RDA, but they are not located on property included in current redevelopment plans and therefore are not currently at risk for displacement. Mitigation Plan For Small Business Within Riverfront RDA 1