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Home My WebLink AboutMFTE - Application for ExemptionApplication Instructions for Multi-Family Housing Property Tax Exemption April 25, 2024 APPLICATION INSTRUCTIONS MULTI-FAMILY HOUSING PROPERTY TAX EXEMPTION (Pursuant to Section 4-1-220 of the Renton Municipal Code) Please read the following information before filling out the application: The Multi-Family Housing Property Tax Exemption application must be submitted and received by the City anytime prior to the City’s issuance of the project’s building permits. The application must be signed by all owners and any contract purchasers, if applicable. Please submit one copy of the application, plus all applicable attachments and the one thousand dollars ($1,000) application fee to the Current Planning Project Manager assigned to your land use application. For additional information, please refer to section 4-1-220 of the Renton Municipal Code and chapter 84.14 of the Revised Code of Washington. Please contact your Current Planning Project Manager for any questions regarding the application and/or MFTE program. Application for Multi-Family Housing Property Tax Exemption Page 1 April 25, 2024 CITY OF RENTON MULTI-FAMILY HOUSING PROPERTY TAX EXEMPTION APPLICATION (Pursuant to Section 4-1-220 of the Renton Municipal Code) PROJECT NAME: ____________________________________________ DATE: _________________ APPLICANT INFORMATION OWNERSHIP ENTITY: ___________________________________________________________ ADDRESS: ____________________________________________________________________ CONTACT PERSON: _________________________________________________________________ PHONE: _____________________FAX: __________________E-MAIL: ________________________ Ownership entity’s federal identification number: __________________________________________ In which state is the ownership entity incorporated or organized? ____________________________ The ownership entity is what type of entity? (Check one) [_____] Corporation [_____] Limited Partnership [_____] Limited Liability Company [_____] General Partnership [_____] Individual Partnership or Limited Liability Company Information 1 Name Address Phone Entity Type2 Federal ID Number Ownership Percentage 1 If the applicant is a partnership, provide the information requested for each general partner. If the applicant is a limited liability company that has one or more managing members, provide the information requested for each company manager (including each managing member). If the applicant is a limited liability company that has no managing members, provide the information requested for each Company Member and any Company Manager. 2 If the applicant is a limited liability company, also indicate whether the party is a managing member, company member, or company manager. Application for Multi-Family Housing Property Tax Exemption Page 2 April 25, 2024 Provide below the signature block [including the full name, title and (if applicable) additional legal entity(ies)] for each person to sign the project’s agreement for the owner. ___________________________________________________________ ___________________________________________________________ ___________________________________________________________ ___________________________________________________________ ___________________________________________________________ ___________________________________________________________ ___________________________________________________________ ___________________________________________________________ ___________________________________________________________ ___________________________________________________________ ___________________________________________________________ ___________________________________________________________ ___________________________________________________________ ___________________________________________________________ ___________________________________________________________ ___________________________________________________________ ___________________________________________________________ ___________________________________________________________ ___________________________________________________________ ___________________________________________________________ ___________________________________________________________ Application for Multi-Family Housing Property Tax Exemption Page 3 April 25, 2024 CONTACT FOR LEGAL NOTICES: ________________________________________________________ TITLE AND ENTITY: _________________________________________________________________ ADDRESS: _________________________________________________________________________ PHONE: ___________________FAX: ____________E-MAIL: ________________________________ CONTACT FOR PROJECT: ______________________________________________________________ TITLE AND ENTITY: _________________________________________________________________ ADDRESS: ____________________________________________________________________ PHONE: ___________________FAX: ____________E-MAIL: ________________________________ PROPERTY INFORMATION INTEREST IN PROPERTY: [_____] Fee Simple [_____] Contract purchase [_____] Other (describe) ________________________ LAND SIZE (square feet): ___________________ ZONING: _________________________________ COUNTY ASSESSOR’S PARCEL ACCOUNT NUMBER(S):_______________________________________ ___________________________________________________________________________________ STREET ADDRESS(ES): ________________________________________________________________ ___________________________________________________________________________________ LEGAL DESCRIPTION (attach separate sheet if needed): _________________________________________ ___________________________________________________________________________________ ___________________________________________________________________________________ Are there any anticipated changes to the project’s legal description? [_____] Yes3 [_____] No Please provide as an attachment a copy of the most recent title company legal description for each parcel in the project. 3 If changes in the legal description are expected, include a narrative description and drawing as an attachment. Application for Multi-Family Housing Property Tax Exemption Page 4 April 25, 2024 The property is located in the following designated Residential Target Area(s) as per RMC Section 4-1-220 (check all that apply): [_____] Sunset Area: [_____] Center Village (CV) Zone [_____] Residential Multi-Family (RM-F) Zone [_____] Residential-14 (R-14) Zone [______] Downtown: [_____] Center Downtown (CD) Zone [_____] Residential-14 (R-14) Zone [_____] Rainier/Grady Junction TOD Subarea: [_____] Commercial Arterial (CA) Zone [_____] Commercial Office (CO) Zone [_____] South Lake Washington: [_____] Urban Center-1 (UC-1) Zone [_____] Urban Center-2 (UC-2) Zone PROJECT INFORMATION Please provide a brief narrative summary of the project. Include any unique project characteristics, target population, etc. (Attach separate sheet if needed): [In addition, a preliminary conceptual design, including site plan, elevations, and floor plans of the multi-family housing units and the overall structure(s) must be submitted with the application (folded to or preferably in a 8 ½” x 11” size format).] ________________________________________________________________________________ ________________________________________________________________________________ ________________________________________________________________________________ ________________________________________________________________________________ ________________________________________________________________________________ ________________________________________________________________________________ ________________________________________________________________________________ ________________________________________________________________________________ ________________________________________________________________________________ ________________________________________________________________________________ ________________________________________________________________________________ ________________________________________________________________________________ Application for Multi-Family Housing Property Tax Exemption Page 5 April 25, 2024 TYPE OF CONSTRUCTION (check all that apply): [_____] New Construction [_____] Rehabilitation TYPE OF PROJECT (check all that apply): [_____] Residential Rental [_____] Residential For-Sale [_____] Mixed-Use NUMBER OF DWELLING UNITS: Rental _______ For Sale _______ Total ________ RESIDENTIAL UNIT BREAKDOWN UNIT TYPE QUANTITY AREA (Range in Square Feet) Studio Apartment One-Bedroom Apartment Two-Bedroom Apartment Three-Bedroom Apartment Studio Town House One-Bedroom Town House Two-Bedroom Town House Three-Bedroom Town House TOTAL HOUSING UNITS DURATION OF EXEMPTION AND OPTIONAL AFFORDABLE HOUSING ELECTION Which exemption period are you applying for? [_____] Eight-year Exemption [_____] Twelve-year Exemption [_____] Twenty-year Exemption If applying for a Twelve-year Exemption, please complete the following: Number of Affordable Housing Units________ Affordable Housing Units as Percentage of Total Housing Units: ________ (Round up the number of housing units as necessary for a minimum of 20% of the total housing units in the project for rental projects or minimum of 80% for ownership projects.) Maximum Percentage of Area Median Income for Affordable Housing Units: ________ (Must be at or below 60% for rental projects and at or below 80% for ownership projects.) If applying for a Twenty-year Exemption, please complete the following: Number of Affordable Housing Units________ Affordable Housing Units as Percentage of Total Housing Units: ________ (Round up the number of housing units as necessary for a minimum of 25% of the total housing units in the project.) Maximum Percentage of Area Median Income for Affordable Housing Units: ________ (Must be at or below 80%) Application for Multi-Family Housing Property Tax Exemption Page 6 April 25, 2024 LIST SEPARATE FIGURES FOR EACH FLOOR LEVEL IN EACH BUILDING A BUILDING NUMBER AND FLOOR NUMBER (AS APPLICABLE) B NUMBER OF RESIDENTIAL UNITS C RESIDENTIAL UNIT SF D RESIDENTIAL COMMON AREA SF E RESIDENTIAL PARKING SF F SUB-TOTAL RESIDENTIAL SF (C + D + E) G NON-RESIDENTIAL SPACE - DESCRIPTION H NON-RESIDENTIAL SPACE - SF I NON- RESIDENTIAL PARKING SF J SUB-TOTAL NON- RESIDENTIAL SF (H + I) K TOTAL RESIDENTIAL & NON-RESIDENTIAL SF (F + J) TOTALS SURFACE PARKING Expand chart or include additional sheet if necessary. PERCENTAGE OF RESIDENTIAL SPACE IN ALL BUILDINGS (F/K above): __________________________ PERCENTAGE OF NON-RESIDENTIAL SPACE IN ALL BUILDINGS (J/K above):_______________________ NUMBER OF PARKING SPACES/STALLS RESIDENTIAL PARKING NON-RESIDENTIAL PARKING TOTAL RESIDENTIAL & NON- RESIDENTIAL Structured Parking Surface Parking TOTALS Application for Multi-Family Housing Property Tax Exemption Page 7 April 25, 2024 A.If new construction, land cost: $ __________________________________________________ B.If rehabilitation, land and existing building(s) cost: $ __________________________________ C.Projected total cost of all improvements (new construction and/or rehabilitation): $___________________ D.If mixed use, projected cost of residential improvements: $ ____________________________ E.If mixed use, projected cost of non-residential improvements: $ ________________________ F.Projected total project cost [land, any existing building(s) and all improvements]: $ _________________________ G.Source of cost estimate(s): ______________________________________________________ H.Estimated total assessed value for all improvements at project completion [including any existing building(s), new construction and/or rehabilitation]: $__________________________ I.Estimated total assessed value for land at project completion: $________________________ J.Estimated construction start date: _______________________ K.Estimated construction completion date: __________________ L.List permits and approvals obtained as of the date of this application: ____________________ _____________________________________________________________________________ _____________________________________________________________________________ Existing Residential Structures Were any residential structures demolished on the property in the past 12 months? [_____] YES[_____] NO Number of units demolished in past 12 months:________ Date of demolition: ____________ Date housing units last occupied: ____________ Will any existing residential structures be demolished on the property? [_____] YES [_____] NO Number of existing units to be demolished ________ Anticipated date of demolition: ____________ Are any housing units occupied? [_____] YES [_____] NO If NO, date housing units last occupied: _________ Application for Multi-Family Housing Property Tax Exemption Page 8 April 25, 2024 ATTACHMENTS TO APPLICATION Please attach the following: [_____] Application fee of $1,000. Check should be made payable to the City of Renton [_____] Copy of the most recent title company legal description for each parcel in the project. If changes in the legal description are expected, include a narrative description and drawing. [_____] Preliminary conceptual design, including site plan, elevations, and floor plans of the multi-family housing units and the overall structure(s) folded to or preferably in a 8 ½” x 11” size format. [_____] The signature block, including the name, title and (if applicable) additional legal entity(ies) for each person to sign the project’s agreement. [_____] Application Exhibit A – Supplemental Information Sheet [_____] Copy of City approval letter for waiver of the new construction and/or mixed-use requirement for a project (if applicable) CONDITIONAL CERTIFICATION The City may issue a Conditional Certificate of Acceptance of Tax Exemption, based on the information provided by the applicant and the applicant’s execution and recording of the Multi-Family Housing Property Tax Exemption Agreement approved by the Renton City Council. The Conditional Certificate will be effective for not more than three (3) years, but may be extended for an additional 24 months under certain circumstances. The City will issue a Final Certificate of Tax Exemption upon completion of the project, satisfactory fulfillment of all contract terms, a final inspection, and issuance of a Certificate of Occupancy. Application for Multi-Family Housing Property Tax Exemption Page 9 April 25, 2024 STATEMENT OF ADDITIONAL TAX, INTEREST, AND PENALTY DUE UPON CANCELLATION OF MULTI-FAMILY HOUSING EXEMPTION If the exemption is canceled for noncompliance, an additional tax shall be imposed as follows: (a)The difference between the tax actually paid and the tax that would have been due for the pro rata portion of the tax year following cancellation, and for each tax year thereafter, if the improvements had been valued without exemption, (not to exceed 3 years before discovery of the noncompliance); plus (b)A penalty of 20 percent of the difference, plus (c)Interest at the statutory rate on (a) + (b) from the date tax could have been paid without penalty if the improvements had been assessed at a value without regard to the exemption. The additional tax, interest, and penalty (a) + (b) + (c) are due within the times provided by RCW 84.40.350 -84.40.390, and the total bears interest thereafter at the rate provided for delinquent property taxes. The additional tax, penalty, and interest constitute a lien by King County upon the land which attaches at the time the property is no longer eligible for exemption, and has priority to and must be fully paid and satisfied before a recognizance, mortgage, judgment, debt, obligation, or responsibility to or with which the land may become charged or liable. AFFIRMATION AND CERTIFICATION As owner(s) of the land described in this application, I (We) hereby indicate by my (our) signature(s) below that I am (we are) aware of the additional tax liability to which the property will be subject if the exemption authorized by Chapter 84.14 RCW and RMC 4-1-220 is canceled. I (We) declare under penalty of perjury under the laws of the State of Washington that the above information and any attachments are accurate, correct, and complete to the best of my (our) knowledge. Signatures of all Owners and Contract Purchasers: ____________________________________ __________________________________ Owner’s Signature Date ____________________________________ __________________________________ Print Name Title ____________________________________ __________________________________ Owner’s Signature Date ____________________________________ __________________________________ Print Name Title Application for Multi-Family Housing Property Tax Exemption Exhibit A April 25, 2024 Page 10 Application – Exhibit A Supplemental Information Sheet Multi-Family Housing Property Tax Exemption (Pursuant to Section 4-1-220 of the Renton Municipal Code) 1.Please list, by street address, other multi-family housing projects (if any) you have developed in the past ten years in the City of Renton. ___________________________________________________________ ___________________________________________________________ ___________________________________________________________ ___________________________________________________________ ___________________________________________________________ ___________________________________________________________ ___________________________________________________________ ___________________________________________________________ ___________________________________________________________ ___________________________________________________________ 2.Does the ability to obtain a property tax exemption for your project make a difference in your decision to develop the project? If so, in what way? ___________________________________________________________ ___________________________________________________________ ___________________________________________________________ ___________________________________________________________ ___________________________________________________________ ___________________________________________________________ ___________________________________________________________ ___________________________________________________________ ___________________________________________________________