Title
Approval of a Resolution Authorizing a Multi-Family Housing Limited Property Tax Exemption Agreement for 320 Columbia St NW
Recommended Action
Not referred to a committee.
City Manager Recommendation:
Move to approve the resolution authorizing the Multi-family Housing Limited Property Tax Exemption Agreement for 320 Columbia St NW and authorize the City Manager to execute the agreement with Condominiums at Columbia St LLC.
Body
Issue:
Whether to approve a Multi-family Housing Limited Property Tax Exemption Agreement for 28 new residential units located at 320 Columbia St NW.
Staff Contact:
Leonard Bauer, Deputy Director Community Planning & Development, 360.753.8206
Presenter(s):
None - Consent Calendar Item.
Background and Analysis:
Mixed Use Project.
Condominiums at Columbia St, LLC, (represented by Mr. Patrick Rants), is proposing construction of a building at 320 Columbia St NW consisting of 28 residential units on five floors above two floors of parking. The residential area of the building is approximately 65,215 sq. ft. Total building area is approximately 91,255 sq. ft. Condominiums at Columbia St LLC seeks the eight-year tax exemption for the 28 market-rate residential units.
Tax Exemption Code.
State law authorizes the City of Olympia to adopt a multi-family housing tax exemption program (RCW 84.14). The Multi-Family Tax Exemption provisions contained in Olympia Municipal Code Chapter 5.86 were first passed in August 1997 (Ordinance 5713) with a 10-year property tax exemption for downtown multi-family projects. The ordinance was amended in December 1997 (Ordinance 5734) to add new residential target areas. The State Legislature revised the 10-year exemption into an eight-year market rate or 12-year affordable housing tax exemption. On January 26, 2009, the City Council adopted the eight- and 12-year provisions along with refinements to the residential target areas (Ordinance 6618).
The primary purpose for the law is to provide a...
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