The URL can be used to link to this page

Home My WebLink AboutPenney Lofts_Estimated Residential Property Taxes_2020Attachment 1 Penney Lofts Project Information and Potential Projected Multi-Family Housing Property Tax Exemption Based on City's Projected Assessed Values for Project April 11, 2020 Project Information (Based on Information Provided by Applicant) Current Assessed Value from King County Assessor's Office online records (2019) Penney Lofts Projected Property Tax Calculation Potential Projected Multi-Family Housing Property Tax Exemption* * Based on projected 2020 Property Tax Rates, but subject to change in the future based on new tax rates and/or changes in the project's assessed value. Project Name Street Address Owner Residential Targeted Area Zoning Brief Project Description Estimated Construction Start Date Estimated Completion Date Type of Project Residential Unit Breakdown Studio Apartments One-Bedroom Apartments Two-Bedroom Apartments Three-Bedroom Apartments Four-Bedroom Apartments Studio Town House One-Bedroom Town House Two-Bedroom Town House Three-Bedroom Town House Four-Bedroom Town House Total Residential Units Planned Building Improvements Residential Units SF Residential Common Areas SF Residential Structured Parking SF Sub-Total Residential SF Non-Residential SF Non-Residential Common Area SF Non-Residential Structured Parking SF Sub-Total Non-Residential SF Total Residential & Non-Residential SF Residential Percentage of Project Retail/Commercial Percentage of Project Parking Stalls Structured Parking Surface Parking Totals Projected Total Cost of All Improvements (New Construction/Rehabilitation) Projected Cost of Residential Improvements Projected Cost of Residential Improvements per Housing Unit Projected Cost of Residential Improvements per SF Projected Cost of Non-Residential Improvements Exemption Period (8 years versus 12 years) Affordable Housing Units (if applicable) Affordable Housing Units as Percentage of Total Housing Units (minimum 20%) Land SF Current Assessed Value for Land (2019) Current Assessed Value for Land per SF Current Assessed Value for Residential Improvements Current Assessed Value for Non-Residential Improvements Current Assessed Value for Residential and Non-Residential Improvements (2019) Exemption Period (8 years versus 12 years) Estimated Assessed Value for Land after Construction/Rehabilitation Estimated Assessed Value for All Improvements after Construction/Rehabilitation Total Estimated Assessed Value for Land & All Improvements after Construction/Rehabilitation Estimated Assessed Value for Residential Improvements after Construction Estimated Assessed Value for All Residential Improvements per Housing Unit Estimated Assessed Value for Non-Residential Improvements after Construction Breakdown of Projected Property Tax (Based on Projected 2020 Property Tax Rates) City of Renton – General Levy City of Renton – Special Levy Total City of Renton property tax King County (see below) County-wide regular levy (non-voted) AFIS (Fingerprint ID) Parks Human Services/Veterans Children/Family Justice Center Best Start for Kids Radio Communications County-Wide Transportation Levy County bonds (voted) County Conservation Futures County Flood Zone County Ferry District Port of Seattle Sound Transit Hospital District #1 King County Library System Renton School District #403 (see below) Maintenance & Operations (voted) Bond Levy (voted) Capital Levy (voted) State of Washington School Fund State of Washington Schools - McCleary Fire #63 General Fund Emergency Medical Service Sub-total other property tax Total Property Tax Estimated Annual Property Tax per Housing Unit Exemption Period (8 years versus 12 years) Annual Estimated Property Tax Savings for Residential Improvements Total Exemption Period Estimated Property Tax Savings for Residential Improvements Total Exemption Period Estimated Property Tax Savings per Housing Unit Annual Estimated Property Tax Savings per Housing Unit City of Renton Portion of Annual Estimated Property Tax Savings for Residential Improvements City of Renton Portion of Total Exemption Period Estimated Property Tax Savings for Residential Improvements City of Renton Portion of Total Exemption Period Estimated Property Tax Savings per Housing Unit City of Renton Portion of Annual Estimated Property Tax Savings per Housing Unit Penney Lofts 700 S Third Street, Renton, WA Penney Lofts LLC Downtown Center Downtown (CD) The Penney Lofts project includes twenty-four (24) new multi-family housing units (14 studios and 10 lofts) as part of a mixed-use renovation of the former JC Penney building (a.k.a., the former American Drapery, Blind and Carpet Inc.) located at 700 S 3rd Street in Downtown Renton. The project site totals 11,500 square feet and the existing building totals 32,732 square feet and is two stories high, with a basement level. The renovation will include a 11,538 square foot butterfly roof extension that would increase the building height to 36 feet and 5,860 square feet of mixed-use retail/restaurant space. Parking will be provided off-site at the nearby City Center Parking Garage. January 1, 2020 October, 2020 Mixed-use residential multi-family housing 0 0 0 0 0 0 0 9 3 12 11002 5120 0 16122 16680 0 0 16680 32802 0.491494421071886 0.508505578928114 Residential 0 0 0 1875000 1500000 375000 93.0406 375000 8 0 0 11500 483000 42 0 1362200 1362200 NOTE MODIFICATIONS BELOW TO ACCOUNT FOR EXISTING IMPROVEMENTS 8 483000 2427900 2910900 1574526 202325 1193924 Projected 2020 Rate per $1,000 of Assessed Value 1.1046 0 1.1046 0.6103 0.034 0.1832 0.0931 0.0416 0.1133 0.0524 0.0472 0.0214 0.0333 0.092 0.0098 0.1194 0.1994 0.4007 0.3233 1.4864 1.096 0.9062 1.9684 1.0596 0.8204 0.265 9.9764 11.081 8 Area (Range in SF) N/A N/A N/A N/A N/A N/A N/A N/A 1,560 - 1,640 1665 SF FIGURES SUBJECT TO CHANGE; SEE NOTE BELOW. 16122 Retail NOTE: THE APPLICANT IS MODIFYING THE SQUARE FOOTAGE ALLOCATION TO ENSURE THAT THE PROJECT MEETS THE REQUIREMENT TO USE AT LEAST 50% OF THE TOTAL SPACE FOR THE RESIDENTIAL USE Non-Residential 0 0 0 NOTE: ADDED TO ACCOUNT EXISTING IMPROVEMENTS 0 (Reflects current land value but subject to increase based on increased improvements to site) (Estimated by City at 75% of projected construction costs); NOTE INCLUDES EXISTING & NEW IMPROVEMENTS TOGETHER (Estimated by City at 75% of projected construction costs, plus current land value) (Estimated by City at 75% of projected construction costs, plus 33% of existing improvements) (Estimated by City at 75% of projected construction costs, plus 67% of existing improvements) Estimated Property Tax for Land 533.5218 0 533.5218 294.7652 16.4365 88.4856 44.9528 20.088 54.6998 25.3237 22.7976 10.3121 16.0839 44.4312 4.7479 57.6895 96.2957 193.5333 156.1587 717.9505 529.3777 437.7043 950.7227 511.7965 396.258 127.995 4523.8408 5057.3626 421.4469 Total 0 0 0 Estimated Property Tax for Residential Improvements 1739.2214 0 1739.2214 960.9017 53.5811 288.4532 146.5411 65.4845 178.3151 82.5524 74.3176 33.6161 52.4317 144.8406 15.4776 188.0614 313.9132 630.8968 509.06 2340.4384 1725.712 1426.867 3099.2497 1668.3992 1291.7569 417.2494 14747.2152 16486.4366 1373.8697 16486.4366 131891.493 10990.9577 1373.8697 1739.2214 13913.7714 1159.4809 144.9351 Off-site parking to be provided at the City Center Parking Garage Estimated Property Tax for Non-Residential Improvements 1318.8085 0 1318.8085 728.6279 40.6292 218.7269 111.1185 49.6553 135.2119 62.5974 56.3532 25.4903 39.7577 109.8291 11.7363 142.6023 238.0326 478.3934 386.0076 1774.6964 1308.5646 1081.9578 2350.0842 1265.1057 979.5072 316.3899 11182.4474 12501.2558 1041.7713 Total Estimated Property Tax (Land & Improvements) 3591.5517 0 3591.5517 1984.2949 110.6468 595.6656 302.6125 135.2278 368.2267 170.4735 153.4684 69.4185 108.2733 299.1009 31.9618 388.3532 648.2416 1302.8235 1051.2263 4833.0853 3563.6542 2946.529 6400.0566 3445.3014 2667.5221 861.6343 30453.5034 34045.0551 2837.0879