3.78.070 Project eligibility standards and guidelines.
A proposed project must meet the following requirements for consideration for an eight-year, twelve-year, or twenty-year property tax exemption:
A. Location. The project must be located within one of the residential target areas designated in EMC 3.78.060.
B. Size. The project must include multiple-unit housing as follows:
1. For new construction at least sixteen dwelling units must be constructed.
2. For rehabilitation, the project must rehabilitate or create at least four new dwelling units. Buildings proposed to be rehabilitated must fail to comply with EMC Title 16.
3. Conversion of nonresidential buildings to housing: at least four dwelling units must be created.
C. Permanent Residential Housing. The project must be a multifamily housing within a residential structure or as part of a mixed-use development in which at least fifty percent of the space within such residential structure or mixed-use development is provided for permanent occupancy.
D. Rehabilitation. Property proposed to be rehabilitated must fail to comply with EMC Title 16.
E. Compliance With Guidelines and Standards. The project shall be designed to comply with the city’s building, housing, and zoning codes, and any other applicable regulations in effect at the time the application is approved.
F. Displacement Mitigation. A project that would result in direct displacement of low-income residential tenants or a community anchor may be conditioned to require reasonable mitigation of that displacement.
G. Completion. The project shall be completed within three years from the date of approval of the contract by the city as provided in EMC 3.78.100(A) or by any extended deadline granted by the director as provided in EMC 3.78.100(B).
H. Contract. Per RCW 84.14.030(6), the applicant must enter into a contract under which the applicant has agreed to the implementation of the development on terms and conditions satisfactory to the planning director.
I. Expiration. No new applications may be accepted for inclusion into this program after December 31, 2032. No extensions may be granted under EMC 3.78.040 after December 31, 2046. (Ord. 3954-23 § 1 (Exh. 1), 2023; Ord. 3917-22 § 1, 2022; Ord. 3675-19 § 2, 2019; Ord. 3635-18 § 2, 2018. Formerly 3.78.050.)