3.50.110 Annual Reporting.
A. Property Owner Report. Within 30 days after the first anniversary of the date of filing the final certificate of temporary tax exemption and each year thereafter for the tax exemption period, the property owner shall file a notarized declaration with the Director.
1. The report shall indicate the following:
a. A statement of occupancy and vacancy of the multifamily units during the previous year;
b. A certification that the property continues to be in compliance with the contract with the City;
c. A description of any subsequent improvements or changes to the property; and
d. If applicable, that the property has been in compliance with the affordable housing requirements of RCW 84.14.020.
2. Failure to submit the annual declaration may result in the temporary tax exemption being canceled pursuant to SMC 3.50.120.
3. The property owner shall allow City staff to conduct on-site verification of the declaration.
B. City Report. The City shall annually report by December 31st of each year to the Washington State Department of Commerce the following information:
1. The number of tax exemption certificates granted;
2. The total number and type of units produced or to be produced;
3. The number and type of units produced or to be produced meeting affordable housing requirements;
4. The actual development cost of each unit produced;
5. The total monthly rent or total sale amount of each unit produced;
6. The income of each renter household at the time of initial occupancy and the income of each initial purchaser of owner-occupied units at the time of purchase for each of the units receiving a tax exemption and a summary of these figures for the City; and
7. The value of the tax exemption for each project receiving a tax exemption and the total value of tax exemptions granted.
C. Director Report. The Director shall annually report to the City Council each January indicating the status of applications for the multiple-family housing property tax exemption filed in the preceding year, the number of projects and dwelling units that have been completed under the program in the preceding year, identifying changes to the state law affecting the City’s program, and other relevant matters. (Ord. 2366, 2019; Ord. 2454, 2022)