HomeMy WebLinkAbout11/02/2022 6E
AGENDA BILL
CITY OF BREMERTON
6E
CITY COUNCIL
SUBJECT:Study SessionDate: October 26, 2022
Public Hearing on OrdinanceNo. 5463COUNCIL MEETING Date: November 2, 2022
amending Chapter 3.78of the Bremerton
Department: DCD
Multifamily Property
Presenter: Garrett Jackson
Tax Exemption(MFTE)
Phone: (360) 473-5289
SUMMARY:
OnMay 3, 2021, the State Legislature passed E2SSB 5287 amending RCW Chapter 84.14 relatedto
multifamily tax exemptions. In accordance with changes in State law, and at the Direction of the City
Council, the proposed Ordinance makes the following changes to the Multifamily Tax Exemption
BMC section 3.78:
Add new option for 12-year MFTE extension when providing 20% affordable housing
Add new options for longer 20-year tax exemption pursuant to State law
Ensuring that there are affordable units across all unit sizes in a project
Add provisions for tenant relocation assistance
ATTACHMENTS:
OrdinanceNo. 5463
FISCAL IMPACTS(Include Budgeted Amount):
The current MFTE program is in place and the city is not receiving property taxes on land
improvements for projects utilizing the program; the proposed amendments would extend this
program to potential 12-year extensions and 20-year exemptions.
STUDY SESSION AGENDA: LimitedPresentationFull Presentation
STUDY SESSION ACTION:Consent AgendaGeneral BusinessPublic Hearing
RECOMMENDED MOTION:
Move to pass Ordinance No. 5463amending Chapter 3.78 BMC by adopting revisions to the
Multifamily Property Tax Exemption, as described in the ordinance.
COUNCIL ACTION:Approve Deny Table Continue No Action
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Form Updated 11/09/2021