3.94.020 Purpose.
As provided for in Chapter 84.14 RCW, the purpose of this chapter is to provide limited, eight-year exemptions from ad valorem property taxation for qualified new multifamily and rehabilitated multifamily housing constructed in the downtown core and 12-year exemptions from ad valorem property taxation for qualified new affordable multifamily and rehabilitated multifamily housing constructed in the downtown core in order to:
A. Accomplish the planning goals of the Growth Management Act, Chapter 36.70A RCW and the city of Auburn comprehensive and downtown plans;
B. Encourage residential opportunities, including affordable housing opportunities, within the downtown core;
C. Stimulate new construction of multifamily housing in the downtown core to increase housing opportunities;
D. Assist in directing future population growth into the city’s downtown core thereby encouraging the most efficient use of the city’s infrastructure;
E. Achieving development densities that enhance the use of the community’s mass transit opportunities and the public investment in such opportunities; and
F. Promote community development and downtown core revitalization in fulfillment of the city’s downtown plan. (Ord. 6257 § 1, 2009; Ord. 5779 § 1, 2003.)