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DATE SUBMITTED: December 5, 2007
BILL #
07- 304
AGENDA BILL
CITY OF BREMERTON
CITY COUNCIL
........................................................................................
SUBJECT: Public hearing on Ordinance
No.1o~ amending BMC 3.78 relating to
exemption of ad valorem property tax for
new multi-family housing and modification
of the designated target areas.
Committee Meeting Date: December 12,2007
COUNCIL MEETING Date: December 19,2007
Department: DCD
Presenter: Andrea L. Spencer
Phone: 360.473.5283
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 target areas, and in October 2006
the City Council established the use of the tax incentive program for a small target area in the
downtown core.
Revisions to the tax incentive program (BMC 3.78) are proposed at this time to address changes in
State law pursuant to Second Substitute House Bill 191 0 and to match the designated residential target
areas with the City's adopted sub-area plans for the designated centers of Downtown and Wheaton-
Riddell.
ATTACHMENTS:
1. Proposed Ordinance No. so3fo
2. Staff Memo
FISCAL IMP ACTS (Include Budgeted Amount): Property tax revenue from new multifamily
housing projects will be lost for 8-10 years, but this can largely be off-set by added sales tax revenue
generated by new residents. Without the incentive w development may not materialize as planned.
APPROV ALS:
DEP ARTMENT DIRECTOR:
CITY ATTORNEY:
FINANCE DIRECTOR:
MA YOR:
COMMITTEE CHAIR
COUNCIL PRESIDENT: CONSENT AGENDA 0
GENERAL BUSINESS 0
PUBLIC HEARING
RECOMMENDED MOTION: Move to pass Ordinance No. 503(0 to amend BMC 3.78
modifying the program for ad valorem property taxation for new multi-family housing in designated
residential targeted areas of the City, specifically the Downtown Regional Center, and the Wheaton /
Riddell District Center.
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COUNCIL ACTION: 0 Approve 0 Deny 0 Table 0 Continue 0 No Action ~.