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It is the purpose of this chapter to provide economic incentives enabling increased residential housing choices and opportunities, including affordable housing opportunities, in keeping with the goals and mandates of the Growth Management Act (Chapter 36.70A RCW) and the goals, objectives, and policies in the city’s comprehensive plan so as to stimulate the construction of new multifamily housing and the rehabilitation of existing vacant and underutilized buildings for multifamily housing in the city’s targeted residential areas having insufficient housing opportunities. It is intended that this chapter achieve the purpose and meet all required provisions and procedures set forth in Chapter 84.14 RCW to comport with state law. The tax incentive provided by Chapter 84.14 RCW will stimulate the creation of new and enhanced residential structures within the city’s urban center and other targeted residential areas, benefiting and promoting the public health, safety and welfare by encouraging residential redevelopment, assisting in supporting future population growth in designated urban centers and other targeted residential areas, increasing the supply of mixed-income multifamily housing opportunities within the city, and achieve development densities which are more conducive to transit use in designated urban centers and other targeted residential areas. (Ord. 3954-23 § 1 (Exh. 1), 2023; Ord. 3635-18 § 2, 2018.)