A. The city downtown core is an urban center as defined in Section 84.14.010 of the Revised Code of Washington (RCW) because it is an identifiable district where urban residents may obtain a variety of products and services.

B. The downtown core currently lacks sufficient available, desirable and convenient residential housing to meet the needs of the public who would be likely to live in the downtown core if desirable, attractive and livable places to live were available.

C. The provision of special property tax valuations within the downtown core will encourage construction of new multifamily housing, and that the provision of such additional housing opportunities in the downtown core will assist in achieving the goals of the city’s comprehensive plan, its downtown plan and the purposes set forth in RCW 84.14.007.

D. Encouraging the development of new residential units in the downtown core will enhance the use and redevelopment of existing developed areas, reducing sprawl, maximizing the public investment in the infrastructure of the community and ultimately increasing the valuation of property in the downtown. (Ord. 5779 § 1, 2003.)