TO: Internal Committee - 3P
FROM: Mayor Angela Birney
DEPARTMENT DIRECTOR CONTACT(S):
Planning and Community Development
Carol Helland
425-556-2107
DEPARTMENT STAFF:
Planning and Community Development
Seraphie Allen
Deputy Director
Planning and Community Development
Jeff Churchill
Long Range Planning Manager
Planning and Community Development
Ian Lefcourte
Senior Planner
TITLE:
title
Adoption of a Resolution of Intention to hold a public hearing concerning a proposal to: expand the Overlake Residential Targeted Area, create a Faith-Based Institutions Residential Targeted Area, and create a Neighborhood Residential Targeted Area.
OVERVIEW STATEMENT:
recommendation
Staff recommends adoption of the resolution in Attachment A to establish an intention to hold a public hearing on October 15, 2024 concerning a proposal to:
1. Expand the existing Overlake Residential Targeted Area, and
2. Create a new Faith-Based Institutions Residential Targeted Area, and
3. Create a new Neighborhood Residential Targeted Area.
The Multifamily Housing Property Tax Exemption (MFTE) is a tax incentive program that is authorized by the state of Washington as a potential tool for local jurisdictions to adopt. The MFTE program is intended to help increase multifamily market housing and affordable housing by exempting the residential portions of new multifamily or mixed-use constructions from property taxes. Multifamily and mixed-use developments can only qualify for MFTE if they are within certain designated areas.
These designated areas are called "residential target areas" (RTAs). In order to establish a multifamily property tax exemption program the City must designate one or more residential targeted areas that are consistent with the criteria in Revised Code of Washington (RCW) 84.14.040 and within which property tax exemption projects may be considered. Local jurisdictions must establish these RTAs themselves.
When jurisdictions want to establish or amend RTAs, RCW 84.14.040...
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