HomeMy WebLinkAboutThe Lofts at Second and Main_Estimated Residential Property Taxes_2015Attachment 1
The Lofts at Second and Main
Project Information and Potential Projected Multi-Family Housing Property Tax Exemption
Based on City's Projected Assessed Values for Project
November 5, 2015
Project Information (Based on Information Provided by Applicant)
Current Assessed Value from King County Assessor's Office online records (2016)
The Lofts at Second and Main
Projected Property Tax Calculation
Potential Projected Multi-Family Housing Property Tax Exemption*
* Based on projected 2015 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
Studio Town House
One-Bedroom Town House
Two-Bedroom Town House
Three-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 (2016)
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 (2016)
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 2015 Property Tax Rates)
City of Renton – General Levy
City of Renton – Special Levy
Total City of Renton property tax
King County
Port of Seattle
Hospital District #1
King County Library System
Renton School District #403
State of Washington School Fund
Emergency Medical Service
Ferry District
King County Flood District
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
The Lofts at Second and Main
207 - 219 Main Avenue S, Renton, WA 98055
Renton Heritage LLC
Downtown
Center Downtown (CD)
The Lofts at Second and Main project is a mixed-use residential rental project located at 207 – 219 Main Avenue S (at the southwest corner of S Second Street and Main Avenue S) in Downtown
Renton. The six-story mixed-use apartment project has one level of underground parking (five residential stories over one story of structured parking and commercial retail and residential
amenity spaces, plus one below-grade level of structured parking), 101 apartment units, 132,171 sf of residential space, 3,987 sf of non-residential (commercial retail) space, and 117
structured parking spaces (101 residential and 16 commercial).
August 2015
November 2016
Mixed-Use (apartments and retail)
0
70
15
16
0
0
0
0
101
82831
19340
30530
132701
3987
0
2592
6579
139280
0.952764215967835
4.72357840321654E-02
Residential
101
0
101
17025000
16368000
162059.4059
123.345
657000
8
0
0
29500
1062000
36
0
2000
2000
8
1062000
12768750
13830750
12276000
126423.2673
492750
Projected 2015 Rate per $1,000 of Assessed Value
2.83
0
2.83
1.34
0.19
0.5
0.45
4.59
2.29
0.3
0
0.14
9.8
12.63
8
Area (Range in SF)
N/A
690
980
1063
N/A
N/A
N/A
N/A
102171
Retail
Non-Residential
16
0
16
0
(Reflects current land value but subject to increase based on increased improvements to site)
(Estimated by City at 75% of projected construction costs)
(Estimated by City at 75% of projected construction costs, plus current land value)
(Estimated by City at 75% of projected construction costs)
(Estimated by City at 75% of projected construction costs)
Estimated Property Tax for Land
3005.46
0
3005.46
1423.08
201.78
531
477.9
4874.58
2431.98
318.6
0
148.68
10407.6
13413.06
132.8026
Total
117
0
117
Estimated Property Tax for Residential Improvements
34741.08
0
34741.08
16449.84
2332.44
6138
5524.2
56346.84
28112.04
3682.8
0
1718.64
120304.8
155045.88
1535.1077
155045.88
1240367.04
12280.8618
1535.1077
34741.08
277928.64
2751.7687
343.9711
Estimated Property Tax for Non-Residential Improvements
1394.4825
0
1394.4825
660.285
93.6225
246.375
221.7375
2261.7225
1128.3975
147.825
0
68.985
4828.95
6223.4325
61.6181
Total Estimated Property Tax (Land & Improvements)
39141.0225
0
39141.0225
18533.205
2627.8425
6915.375
6223.8375
63483.1425
31672.4175
4149.225
0
1936.305
135541.35
174682.3725
1729.5284