Title
Approval of a Resolution Authorizing an 8-Year Multifamily Housing Property Tax Exemption Agreement Between The City Of Olympia and Urban Olympia 16A, LLC for Legion and Jefferson Project
Recommended Action
Committee Recommendation:
Not referred to a committee.
City Manager Recommendation:
Move to approve a resolution authorizing an 8-year Multifamily Housing Property Tax Exemption for Urban Olympia 16A, LLC's Legion and Jefferson Project and authorize the City Manager to sign the Multi-Family Housing 8-Year Limited Property Tax Exemption Agreement.
Report Issue:
Whether to approve a resolution authorizing an 8-year Multifamily Housing Property Tax Exemption for Urban Olympia 16A, LLC's Legion and Jefferson Project and authorize the City Manager to sign the Multi-Family Housing 8-Year Limited Property Tax Exemption Agreement.
Staff Contact:
Jacinda Steltjes, Housing Division Manager, Community Planning & Economic Development, 360.753.8482
Presenter(s):
None - Consent Calendar Item.
Background and Analysis:
Urban Olympia 16, LLC is requesting an eight-year multi-family tax exemption for a housing project being constructed at 421 Legion Way SE in Olympia's Downtown residential target area. The project will produce 2,253 square feet of ground floor commercial space with 82,323 square feet of residential units above the commercial space. The remaining 23,367 square feet will be dedicated to parking. The project, known as Legion and Jefferson, will produce a total of 95 market-rate units which are anticipated to become available beginning September 2027. The project will offer 36 studios, 43 one-bedroom units, and 16 two-bedroom units.
The City's 8-Year Multi-Family Tax Exemption (MFTE) program, which permits market-rate housing units, was revised in January 2024 to reposition the program as a tool intended to increase affordable housing. Olympia Municipal Code 3.57, formerly OMC 5.86, now requires all applicants for the 8-Year ...
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