3.80.100 Annual certification and report.
A property that receives a tax exemption under this chapter shall continue to comply with the approved contract and the requirements of this chapter in order to retain its property tax exemption. Within 30 calendar days after the first anniversary of the date the City issued the final certificate of tax exemption and each year thereafter for the duration of the tax exemption period, the property owner shall file a notarized declaration and annual report with the Director indicating the following:
(1) A statement of occupancy and vacancy of the multifamily units during the previous 12 months;
(2) A certification that the property has not changed use and continues to be in compliance with the contract with the City and this chapter;
(3) A description of any subsequent improvements or changes to the property made after the City issued the final certificate of tax exemption;
(4) The total monthly rent of each multifamily housing unit rented or the total sale amount of each unit sold during the 12 months ending with the anniversary date;
(5) A breakdown of the number, type, and specific multifamily housing units rented or sold during the 12 months ending with the anniversary date;
(6) If granted a 12-year exemption, information demonstrating the owner’s compliance with the affordability requirements of this chapter, including, but not limited to, the income of each renter household at the time of initial occupancy or the income of each purchaser of owner-occupied units at the time of purchase;
(7) The value of the tax exemption for the project; and
(8) Any additional information requested by the City pursuant to meeting any reporting requirements under Chapter 84.14 RCW.
City staff may also conduct on-site verification of the declaration and reporting. Failure to submit the annual declaration and report may result in cancellation of the tax exemption and shall result in a review of the exemption per RCW 84.14.110. (Ord. 13-12 § 1 (Exh. 1); Ord. 05-12 § 1 (Exh. 1))