A. The subregional center of the city of Lynnwood, as adopted in the city’s comprehensive plan, lacks sufficient available, desirable and convenient residential housing to meet the needs of the public, and more current and future residents of Lynnwood would be likely to live in such area if additional desirable, convenient, attractive and livable places to live were available.

B. The development of multiple-unit housing in the subregional center will attract and maintain a significant increase in the number of residents, thus making the area more vibrant and stimulating business, entertainment and cultural activities. Accordingly, development of additional multiple-unit housing within the subregional center will help to achieve the planning goals mandated by the Growth Management Act under RCW 36.70A.020.

C. The tax incentive provided by Chapter 84.14 RCW will stimulate the creation of new and enhanced multiple-unit housing structures within the subregional center, benefiting and promoting the public health, safety and welfare by encouraging residential redevelopment.

D. The tax-incentive program also would promote further economic development and enhanced public safety in the subregional center by creating an influx of new residents who will utilize urban services, stimulating development and encouraging increased housing opportunities.

E. The providing of additional multiple-unit housing opportunity in the city center subarea meets the requirements of Chapter 84.14 RCW.

F. The notice of hearing for the designation of the “city center subarea” residential targeted area and the adoption of the ordinance codified in this chapter meet the requirements of RCW 84.14.040. (Ord. 2681 § 1, 2007)