Loading...
HomeMy WebLinkAboutR-2006-140 Bon Lofts LLC Multi-Family Housing Limited Property Tax Exemption AgreementRESOLUTION NO. R-2006-140 A RESOLUTION authorizing the City Manager of the City of Yakima to execute a Multi - Family Housing Limited Property Tax Exemption Agreement with Bon Lofts L.L.C. to establish the specific conditions for development of multi -family residential units in compliance with Chapter 84.14 RCW and Yakima Municipal Code Ordinance 2006-37, in order to permit the Bon Lofts L.L.C. to participate in the tax exemptions permitted by statute for qualifying costs of said development, as provided in said Agreement. WHEREAS, the City of Yakima has, pursuant to Chapter 84.14 RCW, designated a Residential Target Area within the urban center of Yakima for the allowance of a limited property tax exemption for development of multi -family residential housing units; and WHEREAS, the City has, through Ordinance No. 2006-37, enacted a program whereby property owners in the Residential Target Area may qualify for a Final Certificate of Tax Exemption which certifies to the Yakima County Assessor that the owner is eligible to receive a limited property tax exemption; and WHEREAS, the Bon Lofts L.L.C., the owners of certain real property situated at 17 North Third Street, (referred hereafter as the "Owners") propose to construct condominium units on said property; and WHEREAS, the new units will each be 800 to 1,600 square feet in size, consisting of 1 or 2 bedroom and 2 bath condominium units, and selling for approximately $190,000 to $400,000 each, and WHEREAS, the project will provide short-term employment for approximately 50 residential construction trades people; and WHEREAS, these units will provide housing for individuals and small families; and WHEREAS, the total cost of construction will be approximately $150,000 to $300,000 per unit, and $4,600.000 in total; and WHEREAS, the property taxes to be exempted are estimated at $38,000 per year (2006 rate) representing approximately $10,350 in tax revenue to the City of Yakima(2006 rate); and Qc)res/Multi-Family housing Limited Tax Agreement WHEREAS, the Owners have applied to the City to receive a limited property tax exemption for the proposed project; and WHEREAS, the Department of Community and Economic Development has determined that the project, if developed as proposed, will meet the requirements for the exemption; and WHEREAS, the City's tax exemption program requires the Owners to enter into an agreement with the City regarding the terms and conditions of the project and specifying the tax exemption requirements; Now, Therefore, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF YAKIMA: The City Manager is hereby authorized to execute the Multi -Family Housing Limited Property Tax Exemption Agreement, attached hereto and incorporated herein by this reference, with Bon Lofts L.L.C., which agreement shall provide for the development of the above- described project in accord with certain terms and conditions, in consideration for which the property related to the new multi -family housing will be certified by the City as qualifying for a ten-year property tax exemption. ADOPTED BY THE CITY COUNCIL this 3rd day of (jc)res/Multi-Family Housing Limited Tax Agreement ober, 2006. .%,_moi. AVID EDLER, Mayor Legal description: Parcel A: Lots 23, 24, and 25, Block 70, Town of North Yakima, now Yakima, as recorded in Volume E of Plats, Page 1, Records of Yakima County, Washington, EXCEPT the portions of the vacated alley abutting said lots on the East. Parcel B: Lots 26 and 27, Block 70, Town of North Yakima, now Yakima, as recorded in Volume E of Plats, Page 1, Records of Yakima County, Washington, EXCEPT the portions of the vacated alley abutting said Tots on the East. Parcel C: Lots 28, 29 & 30, Town of North Yakima, now Yakima, as recorded in Volume E of Plats, Page 1, Records of Yakima County, Washington, EXCEPT the portions of the vacated alley abutting said lots on the East. Situated in Yakima County, State of Washington. MULTI -FAMILY HOUSING LIMITED PROPERTY TAX EXEMPTION AGREEMENT THIS AGREEMENT is entered into this rr- day of No v 6414126K- , 2006, by and between Bon Lofts, L.L.C., (hereinafter referred to as the "Applicant"), and the CITY OF YAKIMA, a first-class charter city (hereinafter referred to as the "City"). WITNESSETH: WHEREAS, the City has an interest in stimulating new construction or rehabilitation of multi -family housing in designated Residential Target Areas in order to reduce development pressure on single-family residential neighborhoods, to increase and improve housing opportunities, and to encourage development densities supportive of transit use; and WHEREAS, the City has, pursuant to the authority granted to it by Chapter 84.14 RCW, designated a Residential Target Area for the provision of a limited property tax exemption for new multi -family residential housing; and WHEREAS, the City has, through Ordinance No. 2006-37, enacted a program whereby property owners may qualify for a Final Certificate of Tax Exemption which certifies to the Yakima County Assessor that the owner is eligible to receive a limited property tax exemption; and WHEREAS, the Applicant is interested in receiving a limited property tax exemption for the conversion of a former department store to 23 residential condominium units; and WHEREAS, the units will be approximately 800 - 1600 square feet each; including one and two bedroom units with parking, and providing housing for individuals and small families in the designated Residential Target Area; and WHEREAS, the Applicant has submitted to the City preliminary site plans and floor plans for multi -family residential housing to be constructed on said property, described more specifically as follows: See attached Legal Description Hereinafter referred to as the "Site"; and WHEREAS, the City has determined that the improvements will, if completed as proposed, satisfy the requirements for a Final Certificate of Tax Exemption; NOW, THEREFORE, the City and the Applicant do mutually agree as follows: (jc)contract MULTIFAMILY HOUSING LIMITED PROPERTY TAX EXEMPTION AGREEMENT 1 1. The City agrees to issue the Applicant a Conditional Certificate of Acceptance of Tax Exemption. 2. The Applicant agrees to construct on the Site multi -family residential housing substantially as described in the most recent site plans, floor plans, and elevations on file with the City as of the date of City Council approval of this Agreement. In no event shall such construction provide fewer than four new multi -family permanent residential units. It shall provide one hundred percent (100%) of its total residential units as permanent housing. 3. The Applicant agrees to complete construction of the agreed upon improvements within three years from the date the City issues the Conditional Certificate of Acceptance of Tax Exemption, or within any authorized extension thereof granted by the City. 4. The Applicant agrees, upon completion of the improvements and upon issuance by the City of a temporary or permanent certificate of occupancy, to file with the City's Community and Economic Development Department the following: (a) a certified statement of expenditures made with respect to each multi- family housing unit and the total expenditures made with respect to the entire property; and (b) a specifically detailed description of the completed work and a statement of qualification for the exemption; and (c) a certified statement that the work was completed within the required three-year period or any authorized extension thereof. 5. The City agrees, conditioned on the Applicant's successful completion of the improvements in accordance with the terms of this Agreement and on the Applicant's filing of the materials described in Paragraph 4, above, to file a Final Certificate of Tax Exemption with the Yakima County Assessor's Office. The value of new housing construction, conversion and rehabilitation improvements qualifying under this chapter is exempt from ad valorem property taxation, for ten successive years beginning January 1 of the year immediately following the calendar year of issuance of the Final Certificate of Tax Exemption. The exemption does not include the value of land or non- housing -related improvements. At the conclusion of the ten-year exemption period, the new or rehabilitated housing cost shall be considered as new construction for the purpose of chapter 84.55 RCW. 6. The Applicant agrees, within thirty (30) days following the first anniversary of the City's filing of the Final Certificate of Tax Exemption and each year thereafter for a period of ten years, to file a notarized declaration with the City's Department of Community and Economic Development indicating the following: (jc)contract MULTIFAMILY HOUSING LIMITED PROPERTY TAX EXEMPTION AGREEMENT 2 (a) a statement of occupancy and vacancy of the multi -family units during the previous year; and (b)a certification that the property continues to be in compliance with this p p Y p Agreement; and (c) a description of any subsequent improvements or changes to the property. 7. If the Applicant converts any of the new multi -family residential housing units constructed under this Agreement to another use, the Applicant shall provide written notification of any such change in use to the Yakima County Assessor and the City's Department of Community and Economic Development within sixty (60) days of such change in use. • 8. The Applicant agrees to notify the City promptly of any transfer of Applicant's ownership interest in the Site or in th'e improvements made to the Site under this Agreement. 9. The City reserves the right to cancel the Final Certificate of Tax Exemption should the Applicant, or the Applicant's successors and assigns, fail to comply with any of the terms and conditions of this Agreement. 10. No modifications of this Agreement shall be made unless mutually agreed upon by the parties hereto in writing. 11. In the event that any term or clause of this Agreement conflicts with applicable law, such conflict shall not affect any otherterms of this Agreement which can be given effect without the conflicting term or clause, and to this end, the terms of this Agreement are declared to be severable. IN WITNESS WHEREOF the parties hereto have executed this Agreement as of the day and year first above written. CITY OF.YAKIMA By ity Manag Approved: 7ez: c< Bill Cook, Director Department of Community and Economic Developme BO FTS, L.L.C. B Rita DeBord, Finance Director (jc)contract MULTIFAMILY HOUSING. LIMITED PROPERTY TAX EXEMPTION AGREEMENT agity► PhTe-S ,7qg CITY CONTRAC r P400/7h -S -7 RESOLUTION NO: /�C .V042 -- tyo Debbie Moore, City Clerk STATE OF WASHINGTON ) ) ss. County of Yakima ,, f- On this 1% day of / 4 , 2006, before the undersigned, a Notary Public in and for the state of Washington, duly commissioned and sworn, personally appeared -1G€--'442-I6?& , to me known to be the authorized signor for Bon Lofts, L.L.C., and the person who executed the foregoing instrument, and acknowledged said instrument to be the free and voluntary act and deed of said person, for the uses and purposes therein mentioned. WITNESS my hand and official seal hereto affixed the day and year first above written. STATE OF WASHINGTON ss. RY PUBLIC Printed Name: 6tiG.--4-• wfL-<y Residing at )liq./rtlt}-- My commission expires 3 -r6 - =tic; County of Yakima On this day of -�V , 2006, before the undersigned, a Notary Public in and for the state of Washington, duly commissioned and sworn, personally appeared 4 , to me known to be the authorized signor for Bon Lofts, L.L.C.', and the person who executed the foregoing instrument, and acknowledged said instrument to be the free and voluntary act and deed of said person, for the uses and purposes therein mentioned. WITNESS my hand and official seal hereto affixed the day and year first above written. (jc)contract MULTIFAMILY HOUSING LIMITED PROPERTY TAX EXEMPTION AGREEMENT 4 STATE OF WASHINGTON MICHELLE L. WILTSEY NOTARY PUBLIC COMMISSION EXPIRES MARCH tl'y laZseal] STATE OF WASHINGTON ss. RY PUBLIC Printed Name: 6tiG.--4-• wfL-<y Residing at )liq./rtlt}-- My commission expires 3 -r6 - =tic; County of Yakima On this day of -�V , 2006, before the undersigned, a Notary Public in and for the state of Washington, duly commissioned and sworn, personally appeared 4 , to me known to be the authorized signor for Bon Lofts, L.L.C.', and the person who executed the foregoing instrument, and acknowledged said instrument to be the free and voluntary act and deed of said person, for the uses and purposes therein mentioned. WITNESS my hand and official seal hereto affixed the day and year first above written. (jc)contract MULTIFAMILY HOUSING LIMITED PROPERTY TAX EXEMPTION AGREEMENT 4 STATE OF WASHINGTON MICHELLE L. WILTSEY NOTARY PUBLIC COMMISSION EXPIRES MARCH 15, 2010 (jc)contract MULTIFAMILY HOUSING LIMITED PROPERTY TAX EXEMPTION AGREEMENT NOT --AY PUBLIC PrintedName: Residing at V-K-(0-it4 My commissiorf expires 5 Legal description: Parcel A: Lots 23, 24, and 25, Block 70, Town of North Yakima, now Yakima, as recorded in Volume E of Plats, Page 1, Records of Yakima County, Washington, EXCEPT the portions of the vacated alley abutting said Tots on the East. Parcel B: Lots 26 and 27, Block 70, Town of North Yakima, now Yakima, as recorded in Volume E of Plats, Page 1, Records of Yakima County, Washington, EXCEPT the portions of the vacated alley abutting said Tots on the East. Parcel C: Lots 28, 29 & 30, Town of North Yakima, now Yakima, as recorded in Volume E of Plats, Page 1, Records of Yakima County, Washington, EXCEPT the portions of the vacated alley abutting said Tots on the.East. Situated in Yakima County, State of Washington. BUSINESS OF THE CITY COUNCIL YAKIMA, WASHINGTON AGENDA STATEMENT Item No. / For the meeting of: 10/03/06 ITEM TITLE: A Resolution authorizing the City Manager to execute a Multi -Family Housing Limited Property Tax Exemption Agreement with Bon Lofts L.L.C. SUBMITTED BY: William R. Cook Director of Community and Economic Development CONTACT PERSON/TELEPHONE: William R. Cook (575-6113) SUMMARY EXPLANATION: On August 15, 2006, the City Council approved Ordinance 2006-37, identifying and designating an `urban center' area for the purpose of developing needed multiple -unit residential housing through the rehabilitation, modification or conversion of existing structures or by means of new construction, in order to provide additional housing opportunities in the `urban center,' as provided in 84.147 RCW; and enacted Chapter 11.63 entitled "Downtown Redevelopment Tax Incentive Program" as a new chapter to Title 11 of the Yakima Municipal Code. (Continued on page 2) Resolution X Ordinance _ Other (Specify) Contract _ Mail to (name and address): Funding Source: APPROVED FOR SUBMITTAL: City Manager STAFF RECOMMENDATION: Adopt Resolution subject to review and recommendation by the Council Economic Development Committee. BOARD/COMMISSION RECOMMENDATION: Meeting scheduled for Monday, October 2, 2006. COUNCIL ACTION: Resolution adopted. RESOLUTION NO. R-2006-140 (tar\ aaanda/NLdti-Farrriiv Hnnsinn (continued from page 1) 6 The City,s Department,of Community and Economic Development has received an application from the Bon Lofts L.L.C. for property tax exemption under this new multi -family housing incentive program. The proposed project is to be developed within the former Bon Marche building located at 17 North Third Street. The project will include 23 new condominium residential units ranging in size from 800 to 1600 square feet. Total qualifying construction costs are estimated to be approximately $3,000,000. Please note, the final qualifying construction costs must be verified in writing, to the Department of Community and Economic Development upon completion of the project. The Community and Economic Development Director certifies that the application submitted herein by Bon Lofts L.L.C. is complete and eligible to participate in this program. Under the guidelines of the "Downtown Redevelopment Tax Incentive Program," the City Council shall consider said application and render a decision to approve or deny the application. (tar) ananria/Multi=Family Ho' sinn Department of Property Assessments Page 1 of 1 Sear ,t -„„ Parcel Info • Parcel Values Parcel Legal Parcel Sales gregatieri Tax Rates:, Parcel Taxes Parcel Mapping • 17 n 3rd st C Parcel number ( Situs Address Parcel Number Owner Situs Address More Information • • • • . . ' 0,' • . - ,..........c.or r 19131921427 Bon Lofts LLC 17 N 3rd St 19131921426 Bon Lofts LLC 17 N 3rd St 19131921425 Bon Lofts LLC 17 N 3rd St • i, is Att http://www.pan.co.yakima.wa.us/assessor/propinfo/asr_mfo.asp 9/27/2006 Department of Property Assessment - Tax Code Area Rate Information Page 1 of 1 While this information is intended to be accurate, any manifest errors are unintentional and subject to correction. Please feel free to contact us about any errors you discover and we will try to correct them as soon as possible. To contact us call either (509) 574-1100 or (800) 572-7354, or e-mail us at jacobt@co. akima.wa.us Tax Rates for Tax Code Area: 331 And Tax Year: 2006 District Name Regular Rate Excess Rate Total Rate Yakima County 1 62219043385 0.07242041835 1.6946108522 Yakima County Flood Control 0.094479048848 0.094479048848 Cnty Emergency Services 0.236840580139 0.236840580139 Yakima City 3.612872.75782 0.07287204643 3.454159322212 Yakima School Bonds 1.778093735804 1.778093735804 Yakima School M =x 0 2.933799659073 2.9337996590x78 State School Levy 2.502625322996 2.502625322996 Total Tax Rate 7.837422661615 4.857185859662 12.694608521277 New Tax Code Area Query. Return to Department of Property Assessment's Homepage. http://www.pan.co.yakima.wa.us/assessor/tca/tca.asp 9/27/2006 Department of Property Assessments Page 1 of 1 Parcel Number: 19131921425 Situs: 17 N 3rd St, Size: 10500 00 Square Feet Owner(s): Bon Lofts LLC Tax Code Area: 331 Property Use: 53 Retail - General Mrchds Tax Breakdown Information* District Excess Tax Regular Tax Total County Emergency Serv. $0.00 $28.19 $28.19 State School Levy $0.00 $316.06 $316 06 Yakima City Regular $8.81 $397.26 $406 07 Yakima County Flood Control $0.00 $11.23 $11.23 Yakima County Regular $8.92 $193.08 $202.00 Yakima Maintenance/Operations $339.59 $0.00 $339.59 Yakima School Bonds $207.51 $0 00 $207 51 *Because of the calculations used. some rounding errors may exist. Commercial Structure Information Type Quality Year Built/Eff Year Stories Main Sqft Department Store Average 1935/1972 3 9427 Land Information Record # Class Value Size Value Method Water Sewer 1 0.25 Acre(s) Sq -Feet Public Public http://www.pan.co.yakima.wa.us/assessor/propinfo/asr_info.asp 9/27/2006 Department of Property Assessments Page 1 of 1 Value History Information Year TCA Use Code Market Land Market Imp New Const CU Land CU Imp 2007 331 53 Retail - General Mrchds 115500 172300 2006 331 53 Retail - General Mrchds 115500 263600 2005 331 53 Retail - General Mrchds 115500 0 2004 331 53 Retail - General Mrchds 115500 0 2003 331 53 Retail - General Mrchds 115500 0 2002 331 53 Retail - General Mrchds 162250 363800 2001 331 53 Retail - General Mrchds 162250 659700 0 http://www.pan.co.yakt ma.wa.us/assessor/proptnfo/asr_info.asp 9/27/2006 Department of Property Assessments Search ! � Parcel 4 Values + ParcelLegal „ „, Parcel Sales � . ,- - ;:g • Tax Ratet! Parcel ` Taxes Parcel � Mapping Parcel Number: 19131921426 Situs: 17 N 3rd St, Size: 7000 00 Square Feet Owner(s): Bon Lofts LLC Tax Code Area: 331 Property Use: 53 Retail - General Mrchds Tax Breakdown information* District Excess Tax Regular Tax Total County Emergency Serv. $0.00 $18.79 $18.79 State School Levy $0.00 $21070 $210 70 Yakima City Regular $5 88 $264 84 $270J2 Yakma County Flood Control $0.00 $7.49 $7.49 Yakima County Regular $5.95 $128 72 $134.67 Yakima Maintenance/Operations $22040 $0.00 $226.40 Yakima School Bonds $138.34 $0.00 $138.34 'Because mthe calculations used, some rouncng errors nay exist. Commercial Structure Information Type Quality Year Built/EfYear Stories Main Sqf Department Store Average 1935/1970 3 5783 Land Information Record # Class Value Size Value Method Water Sewer 1 0.16 Acre(s) Sq -Feet Public Public http://www.pan.co.yakima.wa.us/assessor/propinfo/asr_info.asp 9/27/2006 Department of Property Assessments Page 1 of 1 '" Search Parcell Info �—` Parcel ,, Legal Parcel f Sales Qrmyu�m��� ° ,‘ TmxRutes\ - ' Parcel Taxes „ Parcel_ Mapping� Value History Information Year TCA Use Code Market Land Market Imp New Const CU Land CU Imp 2007 331 53 Retail - General Mrchds 77000 103700 2006 331 53 Retail - General Mrchds 77000 129800 2005 331 53 Retail - General Mrchds 77000 0 2004 331 53Retail ' General yNohdu 77000 0 2003 331 53Retail ' General /Nn:hda 77000 0 2002 331 53 Retail - General Mrchds 108150 242550 2001 331 53Retail ' General Mmhdo 108150 430800 0 9/27/2006 Department of Property Assessments Page 1 of 1 Search Parcel Values ,1 ' Parcel 7 Legal 3- .—` arcel `--_les � - mwwQmn -- � - , Tax Rates: XL • , ParcelTaxes Parcel Mapping :z Parcel Number: 19131921427 Situs: 17 N 3rd St, Size: 10500.00 Square Fee Owner(s): Bon Lofts LLC Tax Code Area: 331 Property Use: 53 Retail - General Mrchds Tax Breakdown Information* District Excess Tax Regular Tax Total County Emergency Serv $0 00 $28.19 $28.19 State School Levy $0.00 $316.06 $316.00 Yakima City Regular $8 81 $397.26 $400.07 Yakma County Flood Control $0 00 $11.23 $11.28 Yakima County Regular $8.92 $193 08 $202.00 Yakima Maintenance/Operations $339.59 $0.00 $339.59 Yakima School Bonds $207.51 $0.00 $207.51 "Because mthe calculations used. some rounaing errors mayvmst. Commercial Structure Information Type Quality Year Built/Eff Year Stories Main Sqf Department Store Average 1935/1970 3 8607 Land Information Record # Class Value Size Value Method Water Sewer 1 0.25 Acre(s) Sq -Feet Public Public http://www.pan.co.yakima.wa.us/assessor/propinfo/asr_info.asp 9/27/2006 Department of Property Assessments Page 1 of 1 Value History Information Year TCA Use Cod Market Land Market Imp New Const CU Land CU Imp 2007 331 BRetail 'General Mmhds 115500 146400 2000 331 53 Retail - General Mrchds 115500 183300 2005 331 53 Retail - General Mrchds 115500 0 2004 331 53 Retail - General Mrchds 115500 0 2003 331 53 Retail - General Mrchds 115500 0 2002 331 53 Retail - General Mrchcls 182250 328200 2001 331 53Retail ' General N1mhdo 162250 805600 0 http://www.pan.co.yakima.wa.us/assessor/propinfo/asr_info.asp 9/27/2006 CITY OF YAKIMA APPLICATION FOR TAX EXEMPTION ON MULTI -FAMILY UNITS WITHIN A DESIGNATED RESIDENTIAL TARGET AREA (PURSUANT TO CHAPTER 84.14 RCW AND Chapter 11.63 YMC) Name of Applicant Bon Lofts, TJC Date 9/19/06 Address of Applicant 402 E. Yakima Ave. , Ste. 1000, Yakima, WA 98901 Phone (509) 248-4040 Residential -Use Target Area To be completed by the owner of the real estate or, of rights under a Purchase and Sale Agreement. PROGRAM REQUIREMENTS Project must meet the following criteria for special valuation on multi -family property: 1. Be located within a residential target area designated for the tax incentive program by the City. 2. No residential displacement unless all State and Federal relocation obligations are satisfied. 3. Be a multi -family or mixed use project which provides four or more additional dwelling units. 4. 100% of proposed multi -family housing space shall be provided for permanent residential occupancy. 5. Be completed within three years from the date of approval of the application. 6. Be designed to comply with all building codes, zoning and other applicable regulations.. Applicant must sign a contract with the City agreeing to conditions of project development. NOTE: Assessor may require owners to submit pertinent data regarding the use of classified land. PROJECT INFORMATION Interest in property: [X] Fee Simple [ ] Contract Purchaser [ ] Other (Describe) County Assessor's parcel account number: 191319-21425, 21426,and 21427 Street Address: 17 N. Third Street — Yakima, WA Legal Description: see attached conversion to ew New Construction: YES [ ] NO Rchnrrtat rc� -rsting Units: YES [xC NO [ ] Number of Units: New 23 +/— Existing Empty an Existing Occupied Number of Units for which you are applying for this exemption: 23 +/— If existing units are vacant, date last occupied: N/A Affidavit of Vacancy Attached [ ] [FOR CITY USEJBuilding is not in compliance with the City's Minimum Housing Code [ ] Required Preliminary Plans are attached: Plans X Site Plan X Floor Plan X Describe building use and square feet intended for each use:Y of 24 residential condominum units. Qty 6 commercial/retail units Projected Cost of new construction/rehabilitation: (per unit)$ TBA / (total)$ 4.6 Million Source of Cost Estimate: Bon Lofts, LLC Expected date to start project: 11/1/06 Expected date to complete project: 6/1/07 CONDITIONAL CERTIFICATE The City may issue a Conditional Certificate of Acceptance of Tax Exemption, based on the information provided by the applicant. 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. CONTRACTOR AND SUBCONTRACTOR INFORMATION Are: you willing to provide the foll wing information about your development project? 1. Name of Company(s)? ;1,3 „,iv' / P 1 LLC Yes No If yes, please list: Using local contractors? Yes km No If yes, please list: /7. S. C vs77c,,--✓ Using in-state contractors? Yes _ No If yes, please list: `% e. a 2. Number of Employees? Yes No Number and classification: We encourage developers who are approved for the Property Tax Exemption to use local architects, contractors, subcontractors, workers, and suppliers. 3. Will you pay union/prevailing wages to all/some of the workers and/or subcontractors? Yes 4. Will you be using union contractors/subcontractors? Yes No If yes, for what specialties? If you do not intend to pay prevailing wages; briefly describe why you do not intend to do so. 4 l4 i, 5. Will you be using a Washington state licensed architect to prepare your plans? Yes K No If yes, who: 446o/7 /y''y.' Thank you very much for your help to improve the Property Tax Exemption Program. 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 which 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 - rate provided for delinquent property taxes. 4.471,1 e`The additional tax, penalty and interest constitute a lien by -Pierce Coupon 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 As owner(s) of the land described in this application, I hereby indicate by my signature that I am aware of the additional tax liability to which the property will be subject if the exemption authorized by Chapter 375, 1995 Laws is canceled. I declare under penalty of perjury under the laws of the State of Washington that this application and any accompanying documents have been examined by me and that they are true, correct and complete to the best of my knowledge. Signed at , Washington. this 19 Signatur of all 0 , ►'r and Contract Purchaser(s) day of September , J&2006 CONDITIONAL CERTIFICATE OF ACCEPTANCE OF TAX EXEMPTION is hereby: APPROVED DENIED If this project has been denied, the following reason(s) are given: Authorized Signature Title Date o.: ob ew»IeA JO A4!3 t ���1 ile.... wr (4, A- -OF AXIMMIIMINO p<t,qzv .14,34/fi,fr • 1!11 ABBOTT HEYS arch ure Irrterfor design 200-26342.24 P.TA. aao fax 4•11 whe sec. GA.4,e90et - f1,14,1.4 1' I 6 Basement Furnishing Pon 6 Yakima, Washington PRELIMINARY 0/11/06 0000 BASEMENT FURNISHING PLAN I 100 (3; l?, — I I I I 1- — 6 - I I I 1 I f ! 1 I I I I • ----1- I 1 I I i I I 1 RETAIL B -A OCCUPANCY { i1 T MNL ROOM • ■ STARR! !ESSE PETE 1997 SEATTLE MAO,. COOS 3T:CN 10003339 RETAIL B -A OCCUPANCY RETAL B -A OCCUPANCY 1 I I I ; I • I I I I I I I I 18.600 SO. FT. TOTAL RETAIL. SPACE ( • 1 ENTRY I 1 1 1 I 1 1 1 I I f I 1 1 1 I 1 I 1 I I I LOFTS LOBBY VESTIBULE Th (� �I a F First Floor Furnishing Plan 1/8" = T -O. • 6 ©' ABBOTT HEYS architecture interior design 209.2852194 pinne 235SSEG a�<ti, s. ea 201 the LOFTS Yakima, Washington PRELIMINARY 0/14/06 0606 FIRST FLOOR FURNISHING PLAN ID 101 iii — C�- (6 G— - (FiI I v u� UTIL rpl Y� = (E13GE0 00001 6-O% 10-O 60000GE MEDIA 130001 ELEVATOIR DEW BONUS ROOM DEW010100 L _i oI 1 • I 13003' 0A1302-6 r CLO. -r 6E000011 92 i i J 03,040 J (E1 I I I I I I 1 I I o Second Floor Furnishin- Plan va° = T -O- b - �J ABBOTT HEYS architecture interior design 20.2360.A — 2333000 fm 330 46= S.surne 301 we....e 9213. the LOFTS Yakima, Washington PRELIMINARY 9,14/Q 060o SECOND FLOOR FURNISHING PLAN ID 102 (0--- ---;}LCLO: (F'. (T OFPCEDEN 0 -C, 10 -C STORAGE a -7x10 -O' STORAGE BEDROOM -i L CPEN TO BELOW oh - atm ENTRY UNIT 18 r-isF t Y ▪ i ENTRY CLL ▪ ° LNR 17 7 W/J IHW ic'TCHEN ®._ _ _ 3 _ -i_i��� J DAN NG IL I D _1_ � v ROOF GwwDJV BELOW ENTRY UNE' 21 ("J o I I i Third Floor Furnishing Plan -- t ----{4j - ABBOTT HEYS architecture interior design 2!052354224 — �•2e6.930 2f -T S,351,0 so* was.gten 961134 fl E 61s 0 tn 3 A a YL s PRELIMINARY 9/14/06 0000 THIRD FLOOR FURNISHING PIAN D 103 _ — G — (I Notes; ill Remove all treads, risers, and asxciated stair structure. ®Remove column, finish material, and associated fasteners. Ensure all strvetural support requirements have been Implemeared. Remove masonry wall. Ensure all structural support requirements have been Implemented. BRemave gypsum board, wood studs, track and s:Ws. ®Remove escalator/elevator and all associated parts and equipment: MFral.elyr elevaror i. remc.n operable until comp!ehan off am 5 constrvcrion phase. Basement Plan 1B° = T-0" ABBOTT HEYS architecture Inferior design 20&2854224 d'ae 205295936 fax aso 3/11,w. s. *x.201 Demo Set 9/11/Oro 0000 St -1K. Plan ,300 73-r 73 E -E Section TO. TRVSS __ B.QTRUSS THIRD _SECOND FLOG FIRST FLOOR BASEMENT vs° ABBOTT HEYS architecture interior design 206.88822.4 8181. 20 8304Thag36e fiat 930.. . s .a. as 9813; Demo Set 5/12/06 0500 sr -1K 5ection A400 c) LTi •Cs= MEI lim ��ll r= 1 � B.O. TRUSS ■.. s: ,..� .■��1� r,r��rlrn■■tr■�r�w■ r 111111111 Y 4' 4 T.O. TRUSS — BLEND 10 BLEND 10 RAMP LANDING Parkin- Ram- Section t'0 FIRST FLOOR 1.1°f 4'8 - RA5EMENr_ 1/5%, T-0 ABBOTT HEYS architecture Interior design 20.2e54226 gwne 206.2659365 !mi 8304th Aa S. wins 201 * va*..y-M get 4 Demo Set 9/1206 0606 Sl" IK Section A401 T T T Y T T T t _r T T 4 11111lI '11;IIIIIlilIllfff3l' pl, II1f10111111 , ABBOTT HEYS architecture Interior design 2080854224 Phone 208285.9388 f 830 AXM1 essa.8. et. 201 sea. ...Von 98194 I REGISTERED 1 7 4ACHITECT I EDWARD E. ABBOTT STATE OF WASHINGTON the LOFTS Yakima, Washington PRaLIMINARY 7/19/06 0606 Option 5 A502 0 Ili . ri�uai�n.. t�N�l iill�' �. it r; II1f10111111 , ABBOTT HEYS architecture Interior design 2080854224 Phone 208285.9388 f 830 AXM1 essa.8. et. 201 sea. ...Von 98194 I REGISTERED 1 7 4ACHITECT I EDWARD E. ABBOTT STATE OF WASHINGTON the LOFTS Yakima, Washington PRaLIMINARY 7/19/06 0606 Option 5 A502 0