Title
Approval of a Resolution Authorizing a Partial Transportation and Park Impact Fee Exemption to Martin Way 1 LLLP for Property Located at 161 Pattison Street NE
Recommended Action
Committee Recommendation:
Not referred to a committee.
City Manager Recommendation:
Move to approve the Resolution Authorizing a Partial Transportation and Park Impact Fee Exemption to Martin Way 1 LLLP for its Property Located at 161 Pattison Street NE, also known as Martin Way Affordable Housing Phase.
Report
Issue:
Whether to grant a partial transportation and park impact fee exemption to Martin Way 1 LLLP for its property located at 161 Pattison Street NE.
Staff Contact:
Tim Smith, Planning and Engineering Manager, 360.570.3915
Presenter(s):
None - Consent Calendar Item.
Background and Analysis:
The Olympia Municipal Code (OMC) permits exemption of impact fees for any form of low-income housing occupied by households whose income, when adjusted for size, is at or below 80 percent of the area median income, as annually adjusted by the U.S. Department of Housing and Urban Development. OMC 15.04.060.D states that “upon application by a property owner, a partial exemption of not more than eighty percent (80%) of park, transportation and school impact fees, with no explicit requirement to pay the exempted portion of the fee from public funds, may be granted to a low-income housing development.
Martin Way 1 LLLP has applied to the City of Olympia for a partial exemption of not more than eighty percent (80%) of transportation and park impact fees for its property located at 161 Pattison Street NE, also known as Martin Way Affordable Housing Phase 1.
OMC 15.04.060.D.4 requires the property owner to record a covenant approved by the Director of Community Planning and Development that prohibits using the property for any purpose other than for low-income housing as described in the OMC, which, at a minimum, must address price restrictions and household income limits for the low-income housing, and require that if the property is converted to a use other than for low-income housing as defined in the covenant, the property owner or successor must pay the applicable impact fees in effect at the time of any conversion.
Neighborhood/Community Interests (if known):
There is significant interest from throughout the community in providing housing affordable to low-income individuals, as evidenced by voter approval of the Olympia Home Fund. This is just the second time this new tool for affordable housing has been used in Olympia.
Options:
1. Approve the resolution authorizing a partial transportation and park impact fee exemption to Martin Way 1 LLLP, for its property located at 161 Pattison Street NE, also known as Martin Way Affordable Housing Phase 1.
2. Do not approve the resolution authorizing a partial transportation and park impact fee exemption to Martin Way 1 LLLP.
3. Consider approval of the resolution at another time.
Financial Impact:
|
Impact Fee Type |
Fee |
Program Credit |
Adjusted Fee |
|
Transportation Impact Fee |
$98,280 |
<$78,624> |
$19,656 |
|
Park Impact Fee |
$246,740 |
<$197,392> |
$49,348 |
|
School Impact Fee |
$0 |
100% exemption per OMC 15.04.060.A.10 |
Attachments:
Resolution
Financial Impact Table