SEATTLE CITY COUNCIL - Record No: CB 120817

• Record No: CB 120817
• Version: 1
• Council Bill No: CB 120817
• Type: Council Bill (CB)
• Status: Full Council Agenda Ready
• Current Controlling Legislative Body: Housing and Human Services Committee
• On agenda: 9/17/2024
• Title: AN ORDINANCE relating to the Multifamily Housing Property Tax Exemption Program; amending Section 5.73.120 of the Seattle Municipal Code to extend the program's sunset date to March 31, 2025.
• Sponsors: Cathy Moore
• Supporting documents: 1. Summary and Fiscal Note, 2. Presentation

Date	Ver.	Action By	Action	Result
9/11/2024	1	Housing and Human Services Committee	pass	Pass
8/14/2024	1	Housing and Human Services Committee	discussed
7/23/2024	1	City Council	referred
7/16/2024	1	Council President's Office	sent for review
7/10/2024	1	City Clerk	sent for review

CITY OF SEATTLE
ORDINANCE __________________
COUNCIL BILL __________________
title
AN ORDINANCE relating to the Multifamily Housing Property Tax Exemption Program; amending Section 5.73.120 of the Seattle Municipal Code to extend the program's sunset date to March 31, 2025.
body
WHEREAS, chapter 84.14 RCW authorizes local jurisdictions to provide 12-year multifamily property tax exemptions if, at a minimum, the owner agrees to meet the locally adopted affordability requirements for new projects, consistent with chapter 84.14 RCW, as applicable at the time of application for an exemption; and
WHEREAS, Chapter 5.73 of the Seattle Municipal Code, 2004 Multifamily Housing Property Tax Exemption Program ("MFTE Program"), was adopted by Ordinance 121415 and amended by Ordinances 121700, 121915, 122730, 123550, 123727, 124724, 124877, 124919, 125932, 126278, 126392, 126443, 126792, and 127016; and
WHEREAS, unless extended by the City Council by ordinance, the MFTE Program sunsets on December 31, 2024; NOW, THEREFORE,
BE IT ORDAINED BY THE CITY OF SEATTLE AS FOLLOWS:
Section 1. Section 5.73.120 of the Seattle Municipal Code, last amended by Ordinance 127016, is amended as follows:
5.73.120 Expiration of program
Except for extension of property tax exemptions as authorized in subsection 5.73.090.D, the tax exemption program established by this Chapter 5.73 shall sunset on ((December 31, 2024)) March 31, 2025, unless extended by the City Council by ordinance. After the program sunsets, no new MFTE applications under Section 5.73.050 shall be accepted. Pending Conditional Certificates and Final Certificates shall be processed as provided according to this Chapter 5.73.
Section 2. This ordinance shall take effect as provided by Seattle Municipal Code Sections 1.04.020 and 1.04.070.
Passed by the City Council the ________ day of _________________________, 2024, and signed by me in open session in authentication of its passage this ________ day of __________...