CITY OF SEATTLE
ORDINANCE __________________
COUNCIL BILL __________________
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AN ORDINANCE relating to short-term rental tax revenue; amending Ordinance 125872 to specify use of revenue proceeds; and ratifying and confirming certain prior acts.
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WHEREAS, in 2018 the state legislature passed House Bill 2015, which requires that short-term rental tax revenues must be used to support community-initiated equitable development and affordable housing programs; and
WHEREAS, in 2019, Ordinance 125872 established the Short-Term Rental Tax Fund and allocates proceeds from the Short-Term Rental Tax Fund to the Office of Planning and Community Development for Equitable Development Initiative grants and administration, debt service payments for bonds issued for affordable housing projects, and the Human Services Department for investments in permanent supportive housing; and
WHEREAS, Ordinance 125872 identified specific investment amounts and established a priority order for the categories of spending allowable from Short-Term Rental Tax Fund proceeds; and
WHEREAS, in 2021, Ordinance 126393 established the JumpStart Payroll Expense Tax Fund and allocates ongoing revenues in that fund for the Equitable Development Initiative; and
WHEREAS, the Short-Term Rental Tax funds items with costs that change over time, including affordable housing contracts in the Human Services Department and debt service payments for affordable housing projects; and
WHEREAS, Ordinance 126719 temporarily modified the allocations of Short-Term Rental Tax proceeds for the 2023 and 2024 budgets; and
WHEREAS, allocation of Short-Term Rental Tax proceeds must be adjusted to reflect the changed circumstances in the years since the fund was first established; NOW, THEREFORE,
BE IT ORDAINED BY THE CITY OF SEATTLE AS FOLLOWS:
Section 1. Ordinance 125872, last amended by Ordinance 126719, is amended as follows:
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Section 2. The new Short-Term Rental Tax Fund shall receive revenues from ...
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