Council set Oct. 3 to hold public hearing on multifamily property tax exemption program for Town Center

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.

Leave a Reply

Your email address will not be published. Required fields are marked *

Real first and last names — as well as city of residence — are required for all commenters.
This is so we can verify your identity before approving your comment.

By commenting here you agree to abide by our Code of Conduct. Please read our code at the bottom of this page before commenting.