By Jerome Tuagno
The developer of Tumwater's 21.7-acre apartment will secure property tax exemptions for decades.
Tumwater City Council approved Mayor Debbie Sullivan on Tuesday, April 1st, allowing Yorkshire Apartments developer Grandview Yorkshire LLC to accept a conditional agreement that exempts 12-year property taxes.
The deal is only one of eight home constructions planned for development between Israel Road and Tan Water Boulevard. According to Site PlanningThe five-storey building has 240 residential units.
The contract requires the developer to complete the building within three years, and only upon completion the city will grant a final contract for tax exemption.
The exemption is granted through a statewide program that encourages multi-family housing developers. To qualify for the program, developers must commit to rent or sell 20% of their units as affordable housing for low-income households.
According to the developer's application, 48 units will be income-limited for low-income households or households earning less than 80% of their median income in the region. The remaining units will be priced at market rates.
The apartment requires an extension to Tumwater Boulevard on Tyee Road. Once the entire project is complete, 1,153 residential units will be created through seven five-storey home construction and a combined four-storey building.
