Multi-Family Tax Exemption Program Conditional Approval Sample Clauses

Multi-Family Tax Exemption Program Conditional Approval. On June 30, 2023, LPC West, submitted to City two complete applications for City’s limited multi-family tax exemption (“MFTE”) program associated with the proposed development of new market rate multi-family residential housing to be constructed in two separate buildings on Parcels 1 and 2 of the Property (collectively the “MFTE Projects") as identified on Exhibit A-2 (Perimeter legal descriptions). Pursuant to City Code Section 3.22, LPC West has applied for two separate eight (8) year exemptions that, among other requirements of City Code Section 3.22, are contingent upon LPC West agreeing to provide a public benefit feature or combination of features with a combined documented value of at least 25% of the estimated value of the tax exemption. City has determined that, if constructed as proposed and as detailed herein, LPC West will satisfy the MFTE approval criteria and that LPC West’s agreement to provide stone stadium seating and wooden planter benches in the public plaza on Parcel 1 with a documented value of no less than 25% of the estimated value of the tax exemption will satisfy the public benefit requirement for a Final Certificate of Tax Exemption (the “Public Benefit Feature”). Pursuant to City Code Section 3.22.040(G), City’s Director of Economic Prosperity and Housing approved the application on July 3, 2023, subject to City Council approval of this Agreement. The following terms and conditions, which reflect the MFTE rules and regulations as of the date LPC West’s application was deemed complete, will govern the agreement between City and LPC West as it pertains to LPC West’s eligibility for the subject multi-family tax exemption:
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