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Tuesday, March 8, 2005
Seattle City Council approves tax break for more low-rent apartments
Developments to include Vulcan project
Two more apartment-complex projects offering below-market rents for some units will be eligible for property-tax exemptions for the next 10 years, Seattle City Council members decided yesterday.
The council has now approved exemptions for five projects since adopting the program last year.
The goal of the legislation is to increase the amount of affordable housing in specific neighborhoods.
One of the complexes is in South Seattle and was easily approved yesterday. The other is in South Lake Union and was more controversial.
The South Lake Union project, Alley24, is being developed by Microsoft Corp. co-founder Paul Allen's company, Vulcan, and by PEMCO Insurance.
The complex is being built on a lot where Vulcan tore down the Lillian Apartments about two years ago. The Lillian had 33 units of low-income housing.
According to council reports, Alley24, which is at 224 Pontius Ave. N., will have 172 units total, with 35 of those to be rented at reduced rates, affordable to households making $32,700 a year.
A one-bedroom apartment would rent for $782 per month.
While developers receive a tax break, Seattle homeowners make up the difference in increased assessments.
Councilman Nick Licata voted against the tax exemption for the Vulcan project.
"The Lillian was one of the more controversial demolitions in the last 10 years," he said. "There were 33 units there with rents under $500. What we are doing is eliminating low-income units.
"I'm not sure Seattle taxpayers want to subsidize more than $1 million over 10 years in this case. There just isn't sufficient public benefit."
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