December 24, 2003
RENTON -- The City Council has approved a tax incentive to encourage new apartment and condominium projects in certain neighborhoods.
State law allows cities to provide a partial property tax exemption for up to 10 years. Renton will allow the exemption downtown, in the Highlands and the recently rezoned surplus properties at the Boeing plant.
Projects must be new construction that is owner occupied or apartments with four or more units in each building. In the areas zoned for high density, a minimum of 30 units is required; in low-density areas, 10 units are required.
The new program complements an existing one for owner-occupied housing downtown. Under the existing program, the city waives permit and mitigation fees. Centex Homes used this incentive to develop 55 Williams, a condo project on the Cedar River.
