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HomeMy WebLinkAbout06/20/2018 7BAGENDA BILL CITY OF BREMERTON CITY COUNCIL 7B SUBJECT: Public Hearing and Ordinance No. 5349 to amend Bremerton Municipal Code Chapter 3.78 entitled "Multifamily Property Tax Exemption" Study Session Date: COUNCIL MEETING Date: Department: Presenter: Phone: 6/13/18 6/20/18 DCD Kelli Lambert (360) 473-5245 SUMMARY: At the request of Mayor Wheeler, the following amendments are proposed to the Terms of the Multifamily Property Tax Exemption (MFTE) program (BMC 3.78.) 1) Discontinue the eight (8) Year MFTE 2) Require affordable units for the 12 -year MFTE to be affordable to Low Income households only (current program allows low and moderate income households to qualify), with a revised formula to calculate Low Income as those earning 60 percent of Area Median Income (AMI) — see Attachment A 3) Add requirements regarding tenant displacement • Mandatory 12 month notification to current tenants • Relocation costs paid to low income households 4) Clarification of requirements for affordable units to be distributed proportionally across the unit types available. Mayor Wheeler requests that the City Council hold a public hearing on June 20, 2018 and gather public testimony on the proposed amendments. The City Council will then determine if it is appropriate to act on the amendments, modify the proposed amendments, and/or establish a schedule for review and adoption of changes to the MFTE program as necessary. ATTACHMENTS: 1) Ordinance No. 5349 2) Attachment A, Affordable Rent Calculations 3) Supplemental Information Added 4) Citizen Letters Added FISCAL IMPACTS (Include Budgeted Amount): The MFTE program is currently in place and the amendments are not likely to affect the fiscal impacts of the city. STUDY SESSION AGENDA: ❑ Limited Presentation ❑x Full Presentation STUDY SESSION ACTION: ❑ Consent Agenda ❑ General Business © Public Hearing RECOMMENDED MOTION: It is recommended that the City Council conduct a public hearing on June 20, 2018 to gather input on the proposed changes to the MFTE program. The City Council will determine a future date, if any, for adoption of changes to the MFTE program. COUNCIL ACTION: ❑ Approve Form Updated 01/02/2018 ❑ Deny ❑ Table ❑ Continue No Action