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A. The director shall approve an application for tax exemption if the director determines the project meets the eligibility requirements in BCC 4.52.040. If the application fails to meet the requirements of BCC 4.52.040 the director must deny the application. If the application is approved, the owner shall enter into an MFTE contract and covenant with the city regarding the terms and conditions of the project and eligibility for exemption under this chapter. The terms and conditions of the MFTE contract shall be consistent with the provisions of this chapter and any administrative rules or policies as they may exist on the date of the complete MFTE application submittal, unless both parties agree to amend such terms and conditions and provided the conditional certificate has not expired. The director’s approval or denial shall take place within 90 days of the director’s receipt of the completed application. Following execution of the MFTE contract and covenant by the owner and the city, the director shall issue a conditional certificate of acceptance of tax exemption. The conditional certificate shall expire three years from the date of approval unless an extension is granted as provided in this chapter.

B. If the application is denied, the director shall state in writing the reasons for the denial and send notice of denial to the owner’s last known address within 10 calendar days of the denial.

C. An owner may appeal the director’s denial of the application in accordance with the provisions of BCC 4.52.115. (Ord. 6582 § 9, 2021; Ord. 6231 § 2, 2015.)