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
Principal Planner
TITLE:
title
Adoption of an Ordinance for Redmond Municipal Code Chapter 3.38 Multifamily Housing Property Tax Exemption Amendments, Regarding a 12-year Exemption Extension Program
a. Ordinance No. 3266: An Ordinance of the City of Redmond, Washington, Amending Chapter 3.38 of the Redmond Municipal Code to Implement 12-Year Exemption Extension Options, Providing for Severability, and Establishing an Effective Date
OVERVIEW STATEMENT:
recommendation
City staff recommends that the Council adopt an ordinance amending Redmond Municipal Code (RMC) 3.38 Multifamily Housing Property Tax Exemption to add a 12-year exemption extension program to the City's existing MFTE programs. The extension would be offered to the Overlake, Marymoor, and Mixed-Use Residential Targeted Areas (RTAs).
State law (Chapter 84.14 RCW) authorizes local jurisdictions to offer property tax exemptions for projects that develop housing, including affordable housing. RMC 3.38 establishes the parameters of the City's voluntary MFTE program in support of Redmond's housing goals. These provisions establish the length and scope of tax exemptions, affordable housing requirements, process specifics, and other supporting provisions.
Redmond adopted its MFTE program in 2017. The existing program is focused on 8-year exemptions and sustains a high participation rate.
The proposed amendments are being presented to the City Council now for two reasons. First, during the Redmond 2050 Periodic Comprehensive Plan update, planning staff committed to the development community that staff would analyze the City's MFTE programs in ...
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