Vineyard Park applies for property tax abatement

Vineyard Park At Mountlake Terrace

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.

  1. When the underlying zoning allowing this development was accepted in 2007, it was primarily premised on the benefits of an increased property tax base. How is any property tax abatement consistent with that promise? And where is the commercial space in that project which both former John Caulfield and interim city manager Scott Hugill promised in 2013?

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Your email address will not be published.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.