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Council questions shelter-rent tax-exemption details as staff outlines 393-unit project terms
Summary
Staff described a shelter-rent/tax-exemption agreement tied to a 393-unit housing project, proposing a floor payment (about $550 per unit) or 10% of gross rent less utilities; councilors raised concerns about inconsistent figures in the packet and asked for clarity on revenue realization and administration.
Staff presented a request authorizing a shelter-rent agreement and related tax-exemption terms for a proposed 393-unit housing project. The proposal would authorize a shelter-rent mechanism (a per-unit floor and a percentage of gross rent less utilities) intended to provide predictable annual payments while allowing developers to scale rents in the future.
Councilors flagged inconsistencies among figures in the packet and asked how the city would realize any additional revenue beyond the floor. "When we had…
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