| | | | | | | |  | Item #18.
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| | | | | | | | | TO: |
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| Mayor and City Council |
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| Eric Holmes, City Manager |
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| | DATE: |
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| 9/13/2021 |
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| SUBJECT
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| Navalia (previously Bennett) Mixed Use MFTE Agreement Amendment
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| | | | | | | | Key Points
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- The Navalia (previously Bennett) was granted approval for an initial eight-year certificate of tax exemption on March 21, 2021.
- Project is located at 201 W 17th street.
- Applicant was required to reduce the number of total units in the building from 74 down to 73 units to create an additional ADA compliant unit.
- The number of income restricted units at 100% AMI with remain the same at 15 units for the 8 years of the tax exemption.
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| | | | | | | | | Strategic Plan Alignment |
Goal 3, Objective 3.2: Improve services available to underserved or vulnerable residents.
Goal 8, Objective 8.1: Make downtown Vancouver a vibrant destination for the community and the region.
Goal 8, Objective 8.2: Strengthen neighborhood business districts.
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| | | | | | | | | Present Situation | Hurley Development LLC is requesting a change from the initial 8-year multifamily tax exemption approval to reduce the number of proposed units from 74 units to 73 units. The change is needed to create an additional ADA compliant unit required to meet building code.
The other elements of the project will remain the same. The development will consist of a three-story mixed-use building with 7,694 square feet of retail space and 33 parking spaces. The tax exemption remains at 8 years with 20% of the total units (15 units) reserved for tenants earning 100% area median income or less.
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| | | | | | | | | Advantage(s) |
- Adds 73 new multifamily units in the downtown VCCV subarea.
- Adds 15 income restricted units at or below 100% of area median income for the duration of the exemption.
- Rehabilitation of 7,700 square feet of commercial space.
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| | | | | | | | | Disadvantage(s) | The City will forego an estimated $153,000 in property taxes over the 8 year exemption.
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| | | | | | | | | Budget Impact | The City will receive additional revenues with the development itself, including sales tax, permit fees and system development charges. There will be a small incremental increase in demand for public services during the initial 8-year exemption period without pertinent tax revenues. Following the 8-year exemption period, the property will return to the tax base as new construction and the City and other taxing districts will begin receiving property taxes.
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| | | | | | | | Prior Council Review
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- Council Memorandum February 10, 2021.
- Council Resolution adoption March 1, 2021
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| | | | | | | | | Action Requested | On Monday, September 13, 2021, following a public hearing, adopt a Resolution approving an agreement with Hurley Development LLC operating as Ten Talents Investments 24, LLC and Authorizing the City Manager or designee to execute the multifamily housing limited property tax exemption agreement and take any and all necessary to enforce the terms thereof.
Peggy Sheehan, Community Development Programs Manager, 360-487-7952
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