HomeMy WebLinkAbout05/18/2016 8D ' AGENDA BILL � D
CITY OF BREMERTON
CITY COUNCIL
SUBJECT: Public Hearing on Study Session Date: May 11, 2016
Ordinance No. 5302 amending and COUNCIL MEETING Date: May 18, 2016
expanding the Target Area for the Department: DCD
Multifamily Property Tax Exemption Presenter: Kelli Lambert
(BMC 3.78) Phone: 360.473.5245
SUMMARY: In 2006 the City Council adopted the Multifamily Tax Exemption (MFTE) incentive
program. The program was initiated by establishing a small target area where the exemption applied
within the city's Downtown. Later there were ordinances that expanded the target areas to include
the boundaries of the Downtown Regional Subarea Plan and the Wheaton/Riddell District
Center. The proposal before the City Council for consideration is to expand the adopted target areas
to match those boundaries of the adopted growth centers of the 2016 Comprehensive Plan. These
growth centers are: Downtown Regionat Center, Charleston District Center, Wheaton/Riddell District
Center, Wheaton/Sheridan District Center, Employment Center, Bay Vista, and Manette
Neighborhood Center. An overview map of the revised proposed target areas can be seen in Exhibit
A of the proposed ordinance.
ATTACHMENTS: I) Staff Memo
II) Ordinance No. 5302
• Exhibit A— Expansion Overview
• Exhibit B—Target Areas Figures
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 ❑x Full Presentation
STUDY SESSION ACTION: ❑ Consent Agenda ❑ General Business ❑x Public Hearing
', RECOMMENDED MOTION:
Move to ass Ordinance No. 5302 ado tin revisions to the Multifamil Tax Exem tion tar et areas
P P 9 Y P 9
to coincide with the areas designated as growth centers in the 2016 Comprehensive Plan.
COUNCIL ACTION: [`�Approve ❑ Deny ❑ Table ❑ Continue ❑ No Action
Form Updated 01/07/15