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 Quasi-Judicial Process Proposal  1.6 Acre Site  Residential Project  TrIF Exemption  MFTE Participation N

Kinect @ Lynnwood Summary Project Design Review Approved December 9, 2019   Complies with City Center Regulations and Lynnwood Municipal Code  239 Residential Units  Structured Parking per LMC N

Kinect @ Lynnwood – Approved PDR N

Kinect @ Lynnwood – Approved PDR

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 $ 200,344.92 $ 1,372,434.95 (“Destinations”) 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

Multiple-Unit Housing Tax Exemption (MFTE) Program  Washington State Enabled for Local Adoption Encourage Increased Residential Opportunities Where Insufficient o Housing Opportunities Exist, Include Affordable Housing Program is Ad Valorem from Property Taxation o  City Council Adopted MFTE in 2007 Designated City Center as Residential Targeted Area o  Enrollment through a Development Agreement with Conditional Approval  Final Certificate Issued Administratively following Construction  Annual Compliance Review of Final Certificate

MFTE Participation  Proposed Agreement is for 12 Years for Low and Moderate Incomes “Low-Income Household” - At or Below 80% Median Family Income o “Moderate-Income Household” – More than 80% But At Or Below 115% o Median Family Income  Income Levels May Change if Snohomish County Qualifies as ‘High-Cost’

Recommendation  Approve Proposed Ordinance to Authorize the Mayor to Sign Proposed Development Agreement Implementing: Transportation Impact Fee Exemption o Multiple-Unit Housing Property Tax Exemption o

Questions N