TO: Members of the City Council
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 Downtown Residential Targeted Area, Expand the Marymoor Residential Targeted Area, and Create a Mixed-Use Residential Targeted Area
a. Resolution No. 1602: A Resolution of the City Council of the City of Redmond, Washington, Notifying the Public of its Intent to Designate Three Locations as Residential Targeted Areas (Downtown, Marymoor, and Mixed-Use) for the Purposes of Expanding the City's Multifamily Property Tax Exemption Program and Setting the Required Public Hearing
OVERVIEW STATEMENT:
recommendation
Staff recommends adoption of the resolution in Attachment A to establish an intention to hold a public hearing on May 6, 2025, concerning a proposal to:
1. Expand the existing Downtown Residential Targeted Area, and
2. Expand the existing Marymoor Residential Targeted Area, and
3. Create a new Mixed-Use Residential Targeted Area.
The Multifamily Housing Property Tax Exemption (MFTE) is a tax incentive program that is authorized by the state of Washington. It is intended to help increase multifamily market housing and affordable housing by exempting the residential portions of new multifamily or mixed-use construction from property taxes. Multifamily and mixed-use developments can only qualify for MFTE if they are within certain designated areas, called "residential targeted areas" (RTAs).
In order to establish an MFTE program the City must designate one or more RTAs that are consistent with the criteria in the Revised Code of Washington (RCW) 84.14.040. Developments w...
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