HomeMy WebLinkAbout11/05/2014 7D r
AGENDA BILL
CITY OF BREMERTON
CITY COUNCIL
SUBJECT: Public Hearing and Zoning Study Session Date: October 22, 2014
Code Ordinance No. 5260 amending COUNCIL MEETING Date: November 5, 2014
Downtown Regional Center Target Area for Department: DCD
the Multifamily Property Tax Exemption Presenter: Kelli Lambert
(BMC Chapter 3.78) Phone: 360.473.5245
SUMMARY: In 2007, City Council adopted the Multifamily Tax Exemption for the Downtown
Regional Center. In 2010, the tax exemption Target Area was expanded to include all of the
Downtown Regional Center. Ordinance No. 5202, approved in December 2012, amended the
Downtown Regional Center Subarea Plan to include in its boundaries three parcels at 1008, 1016,
and 1018 Burwell Street. Revisions are proposed at this time to again expand the Target Area to
include the entire Downtown Regional Center.
ATTACHMENTS: A) Ordinance No. 5260 and Exhibits
B) Staff Memo
FISCAL IMPACTS (Include Budgeted Amount): The City will forego collection of property taxes for
new improvements created as a result of this program for 8 or 12 years, depending upon whether the
units are market-rate or offered to low and moderate income residents; but this can be largely offset
by added sales tax revenue generated by new residents. Without the incentive, new development
may not materialize as planned. See memo for discussion.
STUDY SESSION AGENDA: ❑ No Presentation 0 Full Presentation
STUDY SESSION ACTION: ❑ Consent Agenda ❑ General Business ❑x Public Hearing
RECOMMENDED MOTION:
Move to pass Ordinance No. 5260 to amend Bremerton Municipal Code Chapter 3.78, Multifamily
Property Tax Exemption, regarding the boundaries of the Target Area.
COUNCIL ACTION: [`Approve ❑ Deny ❑ Table ❑ Continue ❑ No Action
Form Updated 01/25/13