A public hearing on a resolution of intent to designate the Mountlake Terrace Town Center subarea for a multifamily property tax exemption program (MFTE) is among the items on the Mountlake Terrace City Council agenda for its Monday, Oct. 3 business meeting.
After several discussions on the topic, the council agreed at its Sept. 1 meeting to move forward with the resolution to offer such a tax exemption program for developers. The city plans to offer two MFTE programs: An eight-year program with no affordability requirement and a 12-year program that requires developers to offer some of the apartments at a reduced rent — the resolution calls for 20% of units being priced at 80% or greater of area median income (AMI).
The council is scheduled to vote on the resolution following Monday night’s public hearing.
In other business, the council also will hear a presentation by Volunteers of America Western Washington.
The hybrid meeting will begin at 7 p.m. in Mountlake Terrace City Hall, 23204 58th Ave. W. To attend online, go to https://zoom.us/join and enter the meeting ID 870 4055 3064 and passcode 100322.To listen via telephone, call 1-253-215-8782 and enter the meeting ID and passcode listed above.
You can see the complete agenda here.