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} <br /> ORDINANCE NO. 3495-16 <br /> An Ordinance Adding a portion of the Waterfront Place redevelopment area to the <br /> Multiple Family Property Tax Exemption program, and Amending <br /> Ordinance No. 2347-98, as amended (EMC Chapter 3.78) <br /> WHEREAS, the City Council finds the following: <br /> 1. In January, 2015, the Everett city council adopted Planned Development Overlay Zone <br /> and master plan for the Waterfront Place redevelopment area on property owned by the <br /> Port of Everett. <br /> 2. The purpose of the Waterfront Place redevelopment plan is to transform the waterfront <br /> property from its former industrial use to a high quality mixed use neighborhood with <br /> substantial public open space and public access to the shoreline, commercial, residential <br /> and public uses in a master planned new neighborhood. <br /> 3. The approved master plan includes areas for the development of up to 660 multiple family <br /> dwellings in various locations within the redevelopment area. <br /> 4. Housing is an integral component to the overall development, including the economic <br /> viability of the non-residential elements of Waterfront Place, such as restaurant and retail <br /> uses. <br /> 5. The Port of Everett development strategy for the first phase of housing within Waterfront <br /> Place is to sell land to a private housing developer for the purpose of building multiple <br /> family dwellings within mixed use buildings containing commercial uses on the ground <br /> floor and housing on upper floors. <br /> 6. The entire 65 acre upland area within Waterfront Place consists of fill that has been placed <br /> on former tidelands that has been used for maritime related industrial uses for decades. <br /> 7. The Port of Everett has cleaned up soils contaminated by the previous industrial uses of <br /> the area and replaced contaminated materials with clean fill. <br /> 8. Construction of multiple story buildings on this type of fill requires more costly <br /> foundation systems than constructing on native soils. <br /> 9. This more costly method of construction creates an economic challenge to the viability of <br /> building housing in the Waterfront Place redevelopment area, given the projected rents <br /> that can be supported by the Everett rental market for the near to mid-term future. <br /> 10. The City established the Multiple Family Property Tax Exemption program in 1998 to <br /> encourage residential redevelopment in the downtown urban center, which has resulted in <br /> 1 <br />