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A2 <br /> Ordinance No. 3498-16 <br /> An Ordinance Amending the City's Multifamily Housing Property Tax Exemption <br /> Regulations, Section 1 of Ordinance No. 2408-99, Section 8 of Ordinance No. 2347-98, as <br /> amended (EMC 3.78.080). <br /> WHEREAS, the City Council finds the following: <br /> 1. The City adopted Ordinance No. 2347-98 establishing the Multiple Family Property Tax <br /> Exemption program in 1998 to support the development of housing in designated urban <br /> centers under RCW Chapter 84.14, as codified in EMC Chapter 3.78; <br /> 2. The City has periodically amended the Multiple Family Property Tax Exemption <br /> program by adding areas to the program and amending the requirements of EMC Chapter <br /> 3.78; <br /> 3. In 2015, the City Council added the North Broadway Urban Center area, which includes <br /> the Everett Community College Institutional Overlay Zone, to encourage the <br /> development of student housing by private property owners; <br /> 4. EMC 3.78.080.A requires an applicant for the property tax exemption to submit an <br /> application therefore prior to filing an application for building permits; <br /> 5. In 2015, Koz EvCC LLC obtained approval of building permits for a student housing <br /> building within the North Broadway Urban Center area, to be occupied by students <br /> through a master lease agreement with Everett Community College; <br /> 6. Koz EvCC LLC had been advised by the Department of Revenue that the master lease <br /> agreement with Everett Community College would make the property exempt from <br /> property taxes pursuant to RCW 84.36.050, and therefore did not apply for the property <br /> tax exemption prior to application for building permits; <br /> 7. The State Attorney General's office has determined that the Koz EvCC LLC property is <br /> not exempt from property taxes pursuant to RCW 84.36.050; <br /> 8. Everett Community College has indicated that the property tax exemption is necessary <br /> for the building to be economically feasible for the college; and <br /> WHEREAS, the City Council concludes the following: <br /> 1. The City is supportive of the development of student housing in the vicinity of Everett <br /> Community College, and established the North Broadway Urban Center, in part,to <br /> encourage such housing in the urban center; <br /> 1 <br />