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Council approves eight-year multifamily tax exemption for 40-unit Housing on Apartments in Lakewood Station District
Summary
The council approved an eight-year multifamily property tax exemption for a 40-unit market-rate project in the Lakewood Station District, clearing the conditional certificate and authorizing the city manager to sign the agreement.
The Lakewood City Council on Monday approved Resolution 2025-08, granting an eight-year multifamily property tax exemption to the Housing on Apartments project, a 40-unit, studio-and-one-bedroom development within the Lakewood Station District residential target area.
Public works director Jeffrey Mack summarized staff review and said the project meets requirements in Lakewood Municipal Code 3.64 for the residential target-area exemption. The project will construct 40 market-rate units with 47 parking stalls on a site inside the Lakewood Station District. Mack described the development as “workforce housing” in design and unit mix; valuation in the packet lists a construction value of approximately $4,800,000.
Council discussion noted the need for clear, transparent comparisons of tax-exemption scenarios. Council Member Michael Branstetter asked that future packet charts show alternative outcomes, including the possibility a developer builds without a tax exemption, to allow clearer public evaluation of trade-offs. Council members who spoke said the project aligns with the council’s goal to increase housing near transit and cited the project’s location and unit mix as reasons to support the exemption.
Action recorded: Resolution 2025-08 was adopted by council vote; the resolution authorizes the city manager to sign the residential target-area agreement and conditional certificate.
Why it matters: Multifamily tax exemptions are a local tool to incentivize residential development; in this instance the council determined the project met code requirements and approved the eight-year exemption to encourage housing in the Lakewood Station District.
Discussion vs. decision: Council debate occurred in open session and concluded with the council’s affirmative vote to grant the exemption; the resolution was adopted at the same meeting.
