PRES 3 - Trouve Apartment MFTEr
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Policy Question
Should the Council execute a contract for an 8-year
Multifamily Dwelling Unit Limited Property Tax
Exemption (METE) for the Trouve Apartments?
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Backgrour
MFTE:
Property tax waiver program.
Established as a tool to incent the production of
multifamily housing in designated residential targeted
areas.
Earlier this year, the Council extended the City's MFTE
program (FWRC 3.30) to the BC zone
Trouve is located in the BC zone
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Trouve Apartmen
New construction
■ Located at 1 st Ave S. ar
348th Street.
■ Mixed -use project:
➢ 9 residential building
1 retail building.
■ 233 units, mix of studios
1 and 2 bedroom units.
■ Stand-alone retail buildii
(property tax will be paic
Item
Step 1
Application
Decision Maker Director
Timing
Prior to C of O
Step 2
Contract
City Council
After Step 1
fro
Step 3 Step 4 Step 5
Conditional C of O Final MFTE
Certificate Certificate
Director Building Official Director
Following Contract Request from 30 days
approval applicant
What would this mean?
M FTE-
Owner does not have to pay property taxes on eligible
residential improvements for 8 years.
Still pays tax on the land or ad valorem property taxation
(the value of the property based on value as assigned by
the KC assessor) and on any non-residential
improvements, such as the commercial portion of a
mixed -use building.
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Mayor's Recommendation
Option 1: Forward the proposed contract to the
December 5, 2023 consent agenda for approval