That with respect to Revised Notice of Motion EC2025-0117, the following be adopted: AND FURTHER BE IT RESOLVED that Council approve up to $130,000 in one time funding from the Fiscal Stability Reserve in 2025 and in 2026 to accomplish this work.
Council asked City staff to study and design tax incentives for multi-unit housing and a potential property-tax exemption for new purpose-built rental near transit, and to return by Q2 2026 with scoping reports, workplans and budget requests.
The studies could lead to new residential tax sub-classes and updated assessment/tax models that reflect how density affects per-capita service costs and productivity, potentially changing tax levels and influencing where and what types of multi-unit housing are built. A tax-exemption for purpose-built rental in Transit Oriented Development (TOD) locations is intended to encourage rental housing near transit but could reduce property tax revenue and require funding decisions in the 2027–2030 budget process.