Title
Approval of Multi-family Housing Limited Property Tax Exemption Agreement for 600 Franklin Street SE
Recommended Action
Committee Recommendation:
Not referred to a committee.
City Manager Recommendation:
Move to approve the Multi-family Housing Limited Property Tax Exemption Agreement and authorize the City Manager to execute the agreement with Urban Olympia III LLC (represented by Mr. Walker John).
Body
Issue:
Whether to enter a Multi-family Housing Limited Property Tax Exemption Agreement for the nineteen new residential studio apartments located at 600 Franklin Street SE.
Staff Contact:
Steven Friddle, Principal Planner, Community Planning & Development 360.753.8591
Presenter(s): None. Consent Calendar
Background and Analysis:
Mixed Use Project.
Mr. Walker John converted the former existing two-story state office building into 19-studio residential apartments on the second floor; and, approximately 5,900 Sq. Ft. office and 4,900 Sq. Ft. restaurant on the first-floor with associated outdoor seating. The Land Use, Design Review and Environmental Checklist applications were submitted on October 22, 2013. The Site Plan Review Committee issued the approval and Determination of Non-significance on November 22, 2013. The project is nearly complete and Mr. John seeks the eight-year tax exemption for the "market rate units."
Tax Exemption Code.
The Multi-Family Tax Exemption provisions contained in Olympia Municipal Code Chapter 5.86 was first passed in August 1997 (Ordinance 5713) with a 10-year property tax exemption for downtown multi-family projects. It was amended in December 1997, (Ordinance 5734), to add new residential target areas. The State Legislature revised the 10-year exemption into an 8-year market rate or 12-year affordable housing tax exemption. On January 26, 2009, the City Council adopted the 8- and 12-year provisions along with refinements to the residential target areas (Ordinance 6618).
The primar...
Click here for full text