University Place Council Approves Town Center Tax Breaks

More housing at Town Center is closer to reality, after the University Place City Council approved a tax break in Town Center to encourage growth and development at the March 4 regular council meeting. 

Apartment and multifamily building developers who receive the tax incentive wont have to pay property taxes for eight years. The tax break is not retroactive, meaning it would apply to only new development projects; developers will still pay taxes for commercial and retail facilities.

“I’m very excited about this… it’s a huge opportunity to get that giant hole filled,” said councilman Kent Keel, referring to the criticism surrounding the Town Center project.

The tax break also helps the city meet obligations under the Growth Management Act and protects University Place’s single-family neighborhoods.

“This allows existing multifamily zones to do some redevelopment and place density in the city where it is strategically wanted to be done,” said councilmember Caroline Belleci.

UP leaders hope this measure will help the city finish its parking garage and make another mixed-use housing development a possibility within the next few years. The Clearview Apartments are slated to open in the summer and those developers have expressed interest in developing a similar building on the other side of the Town Center.

The University Place council unanimously approved the tax breaks; there was a scheduled public hearing but no one from the public took to the podium for comment.

Will this tax break help the UP economy? Tell us in the comments.