Title
Approval of Resolution Authorizing the Execution of a Multi-Family Tax Exemption Agreement Between City of Olympia and Urban Olympia 11A 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 Multi-Family Tax Exemption Agreement between City of Olympia and Urban Olympia 11A 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 11A 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 11A, LLC is requesting a Multi-Family Tax Exemption under the eight-year program. The applicant will develop property located at 505 Legion Way SE into 57 market rate apartments above commercial space that is proposed as retail or a restaurant space. The applicant reports the 48,552 square foot project, known as Malt House, will cost approximately $9.1 million to construct. The majority of these costs are associated with the residential portion of the project. Construction has begun and is anticipated to conclude August 2024. When complete, Malt House will offer 45 studios averaging 400 square feet, nine 1-bedroom units averaging 623 square feet, and three 2-bedroom units averaging 973 square feet. 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 is located in Olympia's downtown area and is within an eight-minute walk of the transit center. The project will also offer two electric ve...
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