HomeMy WebLinkAbout06-083
DATE SUBMITTED: September 15,2006
BILL #
AGENDA BILL
CITY OF BREMERTON
CITY COUNCIL
fJejtJ(p - 083
........................................................................................
SUBJECT: Public hearing on Ordinance
No. 4968 relating to exemption of ad
valorem property tax for new multi-family
housing in designated target areas
Committee Meeting Date: August 9, 2006
COUNCIL MEETING Date: October 4, 2006
Department: City Attorney's Office
Presenter: Roger Lubovich
Phone: 473-2345
SUMMARY: In 1995, the State Legislature passed 84.14 RCW that allows cities to create a tax
incentive program to induce development of new, multi-family housing within designated targeted
areas. The incentive in the proposed ordinance is a 10-year exemption of all new property tax on new
or rehabilitated buildings that create 10 or more housing units. The ordinance also designates an area
downtown as the residential target area eligible for the exemption.
ATTACHMENTS: Proposed Ordinance
FISCAL IMPACTS (Include Budgeted Amount): Property tax revenue from new MIF housing
projects will be lost for 10 years, but this can largely be off-set by added sales tax revenue generated
by new residents. Without the incentive, new development may not materialize as planned.
APPROV ALS:
DEPARTMENT DIRECTOR:
CITY ATTORNEY:
FINANCE DIRECTOR:
MAYOR:
FISCAL/BUDGET:
OPERATIONS:
COUNCIL PRESIDENT:
I CONSENT AGENDA 01
RECOMMENDED MOTION: Move to pass Ordinance No. 4968 to provide exemptions from ad
valorem property taxation for new multi-family housing in designated residential targeted areas of the
City.
COUNCIL ACTION: ~pprove 0 Deny 0 Table
o Continue 0 No Action
DATE SUBMITTED: AprilS, 2006
BILL # 010-083
AGENDA BILL
CITY OF BREMERTON
CITY COUNCIL
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SUBJECT: Exemption of ad valorem Committee Meeting Date: April 12, 2Q06 -5 ~
property tax for new multi-family housing in COU]\JCIL MEETING Date: ,Lipril19,2006 5" ,'7 /J ~ fR 7-01.
centers (public hearing) Department: Comm. Development 7-5-()~
Presenter: Chris Hugo
Phone: 473-5243
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SUMMARY: In 1995, the State Legislature passed 84.14 RCW that allows cities of certain size to
create a tax incentive program to induce development of new, multi-family housing within designated
urban centers. The incentive is a 10-year waiver of all new property tax on new or rehabilitated
buildings that create four or more housing units. Bremerton has been eligible to enact this program for
many years. With the adoption of the 2004 Comprehensive Plan, incorporating a new growth strategy
based on centers, the City is well staged to utilize this incentive. The proposed ordinance enables the
waiver, establishes administrative procedures, and defines eligible districts.
ATTACHMENTS: Ordinance No. . 'I.1fo8
Background information from Tacoma, W A, program
Staff report
FISCAL IMPACTS (Include Budgeted Amount): Property tax revenue from new M/F housing
proj ects will be lost for 10 years, but this can largely be off-set by added sales tax revenue generated
by new residents. Without the incentive, new development may not materialize as planned.
APPROVALS:
DEPARTMENT DIRECTOR:
CITY ATTORNEY:
FINANCE DIRECTOR:
MAYOR:
I CONSENT AGENDA 0 I
FISCAL/BUDGET:
OPERA nONS:
COUNCIL PRESIDENT:
RECOMMENDED MOTION: Move to pass Ordinance No.4'1(t,~ to provide exemptions from ad
valorem property taxation for new multi-family housing in designated urban centers of the City.
COUNCIL ACTION: D Approve
D Deny ~le
.~~.
U"'-~-
D Continue
D No Action