Spokane City Council Urban Experience Committee Agenda Packet 2026-05-18
Multifamily Tax Exemption deal for 43‑unit Monroe project
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Description
Spokane plans to execute a Multifamily Tax Exemption conditional agreement with Millennium Monroe LLC for a 43‑unit project at 2002 N Monroe. Once built and certified, the development will qualify for an eight‑year property tax exemption on the new residential construction.
Contract Details
Vendor
MILLENNIUM MONROE LLC
Agency
City of Spokane, WA
Contract Type
FINANCIAL_SERVICES
Document Date
May 18, 2026
Contract Term
Eight-year multifamily property tax exemption period begins after issuance of Final Certificate of Tax Exemption
Renewal Info
The eight‑year exemption applies after issuance of a Final Certificate of Tax Exemption; the owner must submit annual reports throughout the exemption term, and noncompliance can lead to cancellation and potential tax recapture under RCW 84.14.
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