Title
Approval of a Resolution Authorizing a Partial Impact Fee Exemption Agreement with the Housing Authority of Thurston County
Recommended Action
Committee Recommendation:
Not referred to a committee.
City Manager Recommendation:
Move to approve a Resolution authorizing the execution of a Partial Impact Fee Exemption Agreement and any other documents necessary to execute said Agreement between the City of Olympia and Housing Authority of Thurston County.
Report
Issue:
Whether to approve a Resolution authorizing a Partial Impact Fee Exemption Agreement and any other documents necessary to execute said Agreement between the City of Olympia and Housing Authority of Thurston County.
Staff Contact:
Jacinda Steltjes, Affordable Housing Program Manager, 360.753.8482
Presenter(s):
None - Consent Calendar Item.
Background and Analysis:
The Olympia Municipal Code (OMC) 15.04.060 allows for certain exemptions for payment of impact fees. Along with the fee reduction, the code requires the property owner seeking reduced impact fees to execute a Partial Impact Fee Exemption Agreement and to execute and record a Restrictive Covenant that prohibits using the property for any purpose other than for low-income housing, 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 must pay all of the applicable impact fees in effect at the time of any conversion.
The Housing Authority of Thurston County's project, referred to as Olympia Crest III and located at 204 Lilly Rd. NE, will provide 28 family-size units split between three new buildings of affordable housing for households earning 80% or less of area median income by household size. For reference, a household of four whose income is 80% of the area median income earns $80,700 annually.
Climate Analysis:
Olympia Crest III will ...
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