A. As provided for in Chapter 84.14 RCW, the purpose of this chapter is to provide limited, eight- or twelve-year exemptions from ad valorem property taxation for qualified new multifamily housing located in designated residential targeted areas.

B. To promote and incentivize the development, and redevelopment, of a balanced socio-economic mix of housing within the residential target area as a catalyst for additional investment and development of land uses that creates a vibrant, urban mixed use district. (Ord. 1452 §1 (part), 2014).