Vineyard Park has submitted an application for a Final Certificate of Limited Property Tax Exemption.
City of Mountlake Terrace staff is reviewing the application for consistency with the Property Tax Abatement Program for Qualified Multifamily Residential Development. The purpose of the code is to encourage high-quality development in urban centers and increase multifamily residential opportunities within targeted areas.
The property tax abatement is an incentive for new development to proceed. In addition, the economic return from new construction and increased activity generated by new residents offsets the temporary reduction in property taxes (reduction applies only to the residential portion of buildings, not commercial).
Vineyard Park (23008 56th Ave. W.) is located in the Town Center district, one of the targeted areas (other targeted areas are Freeway/Tourist district and areas north of 216th Street SW that allow multi-household residential use). Once approved, the abatement is effective for eight successive calendar years. The Community and Economic Development Director is authorized to certify the project meets the criteria and issue the certificate.