Title
Approval of Resolution Authorizing the Execution of an Eight-Year Multi-Family Tax Exemption Agreement Between City of Olympia and Urban Olympia 10a, LLC
Recommended Action
Committee Recommendation:
Not referred to a committee.
City Manager Recommendation:
Move to approve the Resolution and authorize the City Manager to sign the Eight-Year Multi-Family Tax Exemption Agreement between City of Olympia and Urban Olympia 10a, LLC.
Report
Issue:
Whether to approve the Resolution authorizing the City Manager to sign the Multi-Family Tax Exemption Agreement between City of Olympia and Urban Olympia 10a, LLC.
Staff Contact:
Jacinda Steltjes, Affordable Housing Program Manager, Office of Vitality/ Housing & Homeless Response, 360.790.5224
Presenter(s):
None - Consent Calendar Item.
Background and Analysis:
Urban Olympia 10a, LLC is requesting a Multi-Family Tax Exemption under the eight-year program. The applicant will develop property located at 401 Union Ave. SE into 59,098 square feet of market rate residential multi-family units. The applicant reports the project will cost approximately $14 million to construct. Construction began in 2023 and is anticipated to conclude spring 2025. When complete, the project will offer 10 street-level loft units with 60 additional units throughout the second through fourth floors and 50 parking stalls. The applicant has not set rental rates yet.
The applicant submitted its application for a Multi-Family Tax Exemption under the eight-year program in late 2023, prior to the City's new code regulations taking effect. As such, a fee in lieu of creating affordable units does not apply to this project.
Climate Analysis:
The project will feature electric appliances in all units. The project is located a little more than half a mile from Olympia's transit center and is located 500 feet from an Intercity Transit route 94 bus stop and one-eighth of a mile from both an Intercity Transit route 13 and a route 60 bus stop.
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