An economic development incentive that allows qualifying development projects to obtain property tax abatement in Mountlake Terrace was adopted by the City Council at a September 19 public hearing.
“We see that this program will help development projects get financing,” said Councilmember Kyoko Matsumoto Wright. “It also helps the community get the quality Town Center they want.”
The incentive will apply to three key areas: the City’s Town Center, the Freeway/Tourist zone, and the area north of 216th Street SW. For these areas, a temporary property tax abatement program will be available for new development that includes multifamily residences. Property taxes on the land and any commercial development would still be collected during the abatement period.
City officials had noted that many development projects have had difficulty getting financing. The incentive program is intended to reduce the costs of financing and make the development projects more likely to happen. The new projects will help revitalize the Town Center and other key areas.