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Attachments 4: Staff Presentation
Attachments 4: Staff Presentation Kinect @ Lynnwood Development - - PDF document
Attachments 4: Staff Presentation Kinect @ Lynnwood Development - - PDF document
Attachments 4: Staff Presentation Kinect @ Lynnwood Development Agreement Prehearing City Council February 3, 2020 David Kleitsch, Economic Development Director Karl Almgren, City Center Program Manager Kinect @ Lynnwood Summary
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Kinect @ Lynnwood Summary
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Quasi-Judicial Process Proposal 1.6 Acre Site Residential Project TrIF Exemption MFTE Participation
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Kinect @ Lynnwood Summary
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Project Design Review Approved December 9, 2019 Complies with City Center Regulations and Lynnwood Municipal Code 239 Residential Units Structured Parking per LMC
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Kinect @ Lynnwood – Approved PDR
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Kinect @ Lynnwood – Approved PDR
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Transportation Impact Fee Exemption
City Council Adopted TrIF with Exemptions for ‘First In’ City Center Projects Remaining Balance of Exemptions Provides Option of Extending to Kinect Project Fee Exempted Remaining Balance TrIF Code Adoption $ 1,800,000.00 CityCenter Apartments $ 227,220.13 $ 1,572,779.87 Lynnwood Senior Apartments (“Destinations”) $ 200,344.92 $ 1,372,434.95 Northline Village $ 600,000.00 $ 772,434.95 **Kinect @ Lynnwood $ 600,000.00 $172,434.95 Final Remaining Exemption to be Unused $172,434.95
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Multiple-Unit Housing Tax Exemption (MFTE) Program
Washington State Enabled for Local Adoption
- Encourage Increased Residential Opportunities Where Insufficient
Housing Opportunities Exist, Include Affordable Housing
- Program is Ad Valorem from Property Taxation
City Council Adopted MFTE in 2007
- Designated City Center as Residential Targeted Area
Enrollment through a Development Agreement with Conditional Approval Final Certificate Issued Administratively following Construction Annual Compliance Review of Final Certificate
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MFTE Participation
Proposed Agreement is for 12 Years for Low and Moderate Incomes
- “Low-Income Household” - At or Below 80% Median Family Income
- “Moderate-Income Household” – More than 80% But At Or Below 115%
Median Family Income Income Levels May Change if Snohomish County Qualifies as ‘High-Cost’
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Recommendation
Approve Proposed Ordinance to Authorize the Mayor to Sign Proposed Development Agreement Implementing:
- Transportation Impact Fee Exemption
- Multiple-Unit Housing Property Tax Exemption
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