Developer wants tax exemption expansion
EVERETT - The City Council is considering extending a property tax exemption to a developer interested in redeveloping a dilapidated vacant former nursing home into a multifamily residential rental property.
The property is located at 3515 Hoyt Ave. and has been vacant for several years. The city says attempts in the past have been made to redevelop the property but were unsuccessful.
The potential buyer has asked the city to extend the tax exemption to the property. The tax exemption is applicable to properties in the city’s urban center. The city has drafted an ordinance that would adjust the urban center boundary to include six blocks between 33rd Street and 36th Street from Rucker Avenue to Colby Avenue, which includes the 3515 Hoyt property.
The multiple family property tax exemption area was established in 1998 to encourage residential redevelopment in an area of town that wasn’t experiencing much development prior to the tax exemption. Since 1998, the city says 540 housing units have been built in this downtown urban core.
The development would have to adhere to design guidelines for the area.
The City Council has scheduled a public hearing on the tax exemption expansion ordinance for Wednesday, July 24.
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