The Multi-Family Tax Exemption Developer "Giveaway" Program 2011 Total of Giveaway and giveaway amounts since 2004          
                 
  Last minute applications from owners filing for MFTE Tax Breaks before rules changed First 11 Projects (Dec '10 - Feb '11)    
  Address Company/Owner 1 year developer subsidy  12 year total developer subsidy   Tax Shift  Total units 20% Set-Asides Rents Percent  of 2005-2024 Growth Target Already Reached for that Area (if area has exceeded 33% of its target, they're on pace to reach 2024 target)
1 14027 Lake City Way Lake City LLC 423,240  $         5,078,880  county wide total  320 64 58%
  Res. 31274 Continental Amer. Prop 136,913  $         1,642,956  city-wide total      (Lake City)
    Mike Mahoney (San Diego)          
2 4502 42nd Avenue SW Oregon 42 LLC 171,354  $         2,056,248  county wide total  135 27 48%
  Res. 31277 Continental Amer. Prop 55,431  $            665,172  city-wide total      (W. Seattle Junction)
    Mike Mahoney (San Diego)          
3 3040 17th Avenue West, Block 20, LLC 440,471  $         5,285,652  county wide total  215 43 158%
  Res.  31276 Unico Properties 142,487  $         1,709,844  city-wide total      (Ballard Interbay)
    Todd Seneker            
4 4309 7th Avenue NE 7th Ave NE LLC 14,467  $            173,604  county wide total  47 47 76%
  Res.  31275 Gary Mulhair 4,680  $              56,160  city-wide total      (University District)
                 
5 3701 South Hudson Street Harbor Columbia One LLC 160,040  $         1,920,480  county wide total  124 25 107%
  Res. 31281 Harbor Properties 51,771  $            621,252  city-wide total      (Columbia City)
    Martha Barkman    $                     -          
6 100 Republican Street Essex Queen Anne LLC 466,886  $         5,602,632  county wide total  275 55 21%
  Res. 31285 Essex Realty Trust Palo Alto 151,032  $         1,812,384  city-wide total      (South Lake Union)
         $                     -          
7 101 Taylor Avenue N.  PDMSRMT101 LLC 467,254  $         5,607,048  county wide total  260 53 45%
  Res. 31284 RD Merrill Co. Spokane 151,151  $         1,813,812  city-wide total      (Belltown)
    Andy Loos    $                     -          
8 230 Broadway Ave E. PDMSRMT101 LLC 372,200  $         4,466,400  county wide total  234 47 42%
  Res.  31280 RD Merrill Co. Spokane 120,402  $         1,444,824  city-wide total      (12th Avenue)
    Andy Loos    $                     -          
9 708 6th Avenue Brook 1 LLC 165,026  $         1,980,312  county wide total  112 23 140%
  Res. 31278 Mark Angelilo 53,384  $            640,608  city-wide total      (Commercial Core)
               
10 201 W. Harrison H20 Apts LLC 69,897  $            838,764  county wide total  45 9 135%
  Res. 31279 Brandon Nicholson 22,611  $            271,332  city-wide total      (Uptown)
                 
11 1400 NW Market Street Avalon Bay Communities 467,529 5,610,348  county wide total  271 55 158%
    Derek Bottles 151,240 1,814,880  city-wide total      (Ballard)
                percent based on
         Total Subsidy from these 11 last minute applications        2024 Targets
      Total county-wide  $   38,620,368.00       compared to 2010
      Total city-wide  $   12,493,224.00       total residential count
    What we get in return:  393 units with monthly rents between 1127 and 1884 per month    for that area
                 
  Added May 2011              
12 1139 NW Market Street Broadway Koi 747,777 2,369,631   154 32 177% Ballard
    Alliance Residential Co            
                 
13 2622 California Avenue SW Element 42 367,813 1,160,646   78 16 58% Admiral
    Madison Group           108% W. Seat. Junction
                 
14 413 11th Ave Terraza aPodments 93,166 293,989   56 56 62% 12th Ave
                 
15 500 12th Avenue. CHIPP 484,854 1,529,970   40 40 62% 12th Ave
                 
16 12311 32nd Avenue NE. Lake City Apts 945,456 2,983,412   144 29 74% Lake City
    SeaMark Properties            
    sutotal projects 12-16 2,639,066 8,337,648      Percent of GMA projected targets compared to 2011 Sept Residential Count 
                 
    Added Sept 30th 2011 to list after rules were changed        
      city total tax shift county and city shift      
17 320 E Pine St Stratford Development Company. $621,110 $1,959,930   134 27 180% First Hill
                 
18 1304 John St Centro aPodments $106,365 $335,639   56 56 25% South Lake Union
    Gary Mulhair            
19 412 Broadway   $659,929 $2,082,425   118 24 62% 12th Ave
    Gerding Edlen Development          
20 4600 36th Avenue SW Nova Apts $271,736 $857,469   62 13 108% W. Seat. Junction
    Harbor Properties.            
21 802 East Thomas Street Harvard Flats $349,374 $1,102,460   70 14 122% Capitol Hill
    W.R.P. Associates            
22 Murielís Landing 5240 University Way NE $656,047 $2,070,176   100 20 84% University District
    Schuster Group.            
23 Spring Hills 5020 California Avenue SW $757,317 $2,389,736   101 21 108% W. Seat. Junction
    F & M Development            
24 954 E Union Apts   $349,374 $1,102,460   79 16 211% Commercial Core
    Seawest Investment Associates LLC          
25 Lake City Senior Apts 13730 Lake City Way NE $516,959 $1,631,278   104 21 74% Lake City
    Steve Smith Development          
26 Joseph Arnold Lofts 2708 Elliot Avenue $1,746,871 $5,512,302   132 27 42% Belltown
    The Schuster Group            
    SubTotal Projects 17-26 $6,035,083 $19,043,875        
                 
               Percent of GMA projected targets compared to 2011 Sept Residential Count 
        Cumulative Total for all 26 projects:   total units set-asides  
           26 projects  3466 860  
      Total county-wide  $        66,001,891        
      Total city-wide  $        21,167,373        
  need below 40% of median (what they can afford) amount average tenant can afford earning 55% of median   Price under old rules developer may charge for MFTE "set-asides"    
   $                                   600 775  studio   $                1,199  studio  80% of median  
   $                                   642 831  1bdrm   $                1,370  1 bedroom  80% of median  
   $                                   771 997  2bdrm   $                1,734  2 bedroom  90% of median  
   $                                   890 1152  3bdrm           
           Price under new rules for set-asides   
  MFTE Total subsidy City Tax Shift    studio  $974    
  2004-2008 17.9  $                    5.8    1 bdrm  $1,285    
  2008-2010 57.2  $                   18.4    2 bdrm  $1,638    
  3 added in Dec 2010 5  $                    1.5          
  11 under wire thru Feb 2011 38.6  $                   12.5          
  5 Projects May to Sept 2011 8.33  $                    2.6          
  Most recent 10 thru Sept 2011 19.04  $                   6.00          
  Total in millions since 2004: $146  $                   46.8          
  ** These tax breaks are spread out over 12 years but can be 'frontloaded', i.e, cashed in effectively thru bank financing