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Home My WebLink AboutONEBUILD BURWELLCITY OF BREMERTON MULTI -FAMILY HOUSING LIMITED PROPERTY '�l; °E11IF3'Il'T AOREEMM THIS AGREEMENT is entered Linto this day of Fj. �� , 20,,,7 by and - between ONEBUILD INC. (hereinafter'referred to as the "Owner"), and the CITY OF BREMERTON, a municipal corporation of the State of Washington (hereinafter referred to as the "City") WIT-MBS-SETW WHEREAS the City has an interest in stimulating new construction or rehabilitation of multi -family housing in Residential Target Areas in order to reduce development pressure on single-family residential neighborhoods,l'to increase and improve housing opportunities, and to encourage development densities supportive of transit use; and is , I£�2FAS e�=C�ty; as, s tt to. t ie ori y . r c1th ;Ii liy'.Clta84.:1 #' -kt, designated various Residential Target Areas for the provision of a limited property tax exemption for new multi -family residential housing; and WHEREAS the City has, through Bremerton Municipal Code Chapter 3.78 ("BMC"), enacted a program whereby property owners may qualify for a Final Certificate of Tax Exemption which certifies to the Kitsap County Assessor that the owner is eligible to receive a li�tec� pr�t'�xerioi�, and: WHEREAS the Owner is interested in receiving the multiple family property tax exemption for new/rehabilitated multiple family residential housing units in a residential targeted area; and WHEREAS the Owner has submitted. to the City a complete application form for no �ew�r;��n #en'€I�)ts .r+f=wlrel�bil�,t�ted � fly-hQ�sl�� ri�'��esi�ihl�sirtatee or as part of an urban development; and WHEREAS the Owner has submitted to the City preliminary site plans and floor plans for multi -family residential housing to be constructed on said property legally described as: RESULTANT "SINGLE" PARCEL OF DECLARATION OF LOT AGGREGATION RECORDED LINDER AUDITORi'S f IIE NO: 2017012* 5--l", kCO . (7l~' XITSO COUNTY, WASHINGTON, DESCRIBED AS FOLLOWS: THE EAST 21 FEET OF LOT 9, AND ALL OF LOTS 10 THROUGH 13, BLOCK 7, TOWN OF BREMERTON, ACCORDING TO THE PLAT RECORDED IN VOLUME 2 OF PLATS, PAGE 30, RECORDS OF KITSAP COUNTY, WASHINGTON. Assessor's Parcel Number(s) 3718-007-009-0102, commonly known as OneBuild ll. efl, fereer of rr�d'toAM,e "Shk cl II MULTI -FAMILY HOUSING LIMITED PROPERTY TAX EXEMPTION AGREEMENT - 1 I WHEREAS the City has determ proposed, satisfy the requirements for a OW,'" HERE�'OO'RE, the City 1. The City agrees to issue Tax Exemption, upon approval of the b that the housing units will, if completed as 1 Certificate of Tax Exemption. the Owner do mutually agree as follows: Owner a Conditional'Certificate of Acceptance of ing permits. 2. The Owner agrees to complete construction of the agreed-upon improvements within three (3) years from the date the pity issues the Conditional Certificate of Acceptance of. Tax Exemption, ormithin any extensionl'thereof granted by the City (not to exceed twenty-four (24) months). 3. The project must complywith all applicable zoning requirements, land use requirements, design review requirements and all building, fire, and housing code requirements contained in the Bremerton Municipal Code (herein referred to as the "BMC") at the time.a complete application for a building,erinit is approved. 4. The neva multiple -unit housing must provide for a minimum of fifty (50) percent of the space for permanent residential occupancy. The project must include at least ten (10) units of multifamily housing within a residential structure or as part of anurban development. 5. The Owner is requesting an EIGHT (8) year limited property tax exemption. I 6. The Owner agrees, upon completion of the improvements and upon issuance by the City of a temporary or permanent certificate of occupancy; to file with the City's Department of Community Development the following: (a) A statement of expenditures made with respect to each multi -family housing unit and the total expenditures made with respect to the entire property; .6) A aescripi ion of t 'e completed work and a statement of qualification for the exemption; (c) A statement that the work was completed within the required three (3) year period or any authorized extension; 7. The.. City agrees, conditioned on the Owner's successful completion of the .improvements in accordance with the terms of this Agreement anj on the Owner's filing of the materials described in Paragraph 6 aboveto file an EIGHT (8) year Final Certificate of Tax Exemption with the Kitsap County Assessor.. -.,8. The Owner agrees, within thirty (30) days following the first anniversary of the City's filing of the Final Certificate of Tax Exemption and each year thereafter for a period of EIGHT (8) years, to file a notarized declalration with the City's Department of Community bevaopment indicating'the'fo owing: MULTI -FAMILY HOUSING LIMITED PROPERTY TAX EXEMPTION AGREEMENT - 2 i (a) A statement of occupancy and vacancy of the multi -family units during the previous twelve (12) months; II (b) A certification that the property continues to be in compliance with this Agreement; (c) A description of changes or improvements constructed after issuance of the certificate of tax exemption; and n (c) Any information needed ly the City to file its annual report pursuant to BMC 3.78.110 and any additional information requested by the City in regards to the units receiving a tax exemption. 9. The parties acknowledge that the units are to be used and occupied for multi- family residential use: The parties further acknowledge that the certificate of occupancy issued by the City is for multi -family residential. units. The Owner acknowledges and agrees that the units "`be used primarily for residential occupancy and any'business activities shall only be incidental and ancillary to the residential occupancy. 10. If the Owner converts to another use any of the new multi -family residential housing units constructed under this Agreement, the Owner shall notify the Kitsap County Assessor and the City's Department of Community Development within sixty (60) days of such change in use. h. a 11. The Owner agrees to notify the City promptly of any transfer of Owner's ownership interest in the Site or in the improvements made to the Site under this Agreement. 12. For purposes of this Agreement,. "Owner" shall mean the Owners Association of a condominium complex once such association is. established which shall be responsible for all reporting requirements required herein on behalf of the owners of individual -condominium, 4 13. The City reserves the right to cancel the Final Certificate of Tax Exemption should the Owner, its successors or assigns, fail to comply with any of the terms and conditions of this Agreement. 14. The Owner acknowledges lits awareness of the potential tax liability involved if and when the property ceases to be eligible for the incentive provided puxsant;Ao-s,. Agreement. Such liability may include additional real property tax, penalties and interest imposed pursuant to RCW 84.14.110. 15. Nothing in this Agreement shall permit or be interpreted to permit either party to violate any provision of Chapter 84.14 RCW or Chapter 3.78 BMC. 16. No. modifications of this unimtshan bes 3n ttuaily;agreed,l an by the parties in writing. MULTI -FAMILY HOUSING LIMITED N PROPERTY TAX EXEMPTION AGREEMENT- 3 17. The Owner acknowledges its awareness of the potential tax liability involved if and when the property ceases to be eligible for the incentive provided pursuant to this Agreement. Such liability may include additional real property tax, penalties and interest imposed pursuant to RC W 84.14.110. The Owner further acknowledges its awareness and understanding of the process implemented by the'Kitsap County Assessor's Office for the appraisal and assessment of property taxes. The Owner agrees that the City is not responsible for the property value assessment imposed by Kitsap County at any time during the exemption period. 18. In the event that any terra or clause of this Agreement conflicts with applicable law, such conflict shall not affect other terms of this Agreement: which can be given effect. without the conflicting term or clause, and to this end, the terms of this Agreement are declared to be severable. IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written. CITY OF BREMERTON ONEBUMD INC. By: Pa Lent, or/d►— // — 17 Its: VSpencector Development I� DeWay<e Pik, Jbirector Finance D-c6artment N Attest: ALA,&� Shannon Corin, City Clerk Approved as to Form: Roger Lubov' City Att` ey MULTI -FAMILY ,HOUSING LIMITED i. PROPERTY TAX EXEMPTION AGREEMENT - 4 STATE OF WASHINGTON) ) ss. County of KRsap f •1� ) On this G ''ltlay of b Gf , 20_ 1 7before the undersigned, a Notary Public in and for the state of Washington, duly commissioned and sworn, personally appeared 3� r$ :!�to me known to be the authorized signor and the person who executed the foregoing instrudent, and acknowledged said instrument to be the free and voluntary act and deed of said person, for the uses and purposes therein mentioned. WITNESS my hand and official seal hereto ed the day and year first above written. NOTARY PUBLIC Printed Name: ll i .tac� Residing at s My commission expires / seal R:ILEGAL\ContractsMDCDWIFTAgreementdoc- MULTI-FAMILY HOUSING LIMITED PROPERTY TAX EXEMPTION AGREEMENT - 5