FINANCIAL_SERVICESPENDING

Shoreline Weighs MFTE Deal for Alta North City

The City of Shoreline is considering approval of an MFTE contract with North City Apartments Owner, LP for the Alta North City Apartments at 17712 15th Ave NE. The agreement would grant a 12-year property tax exemption on residential improvements in exchange for 46 affordable units within the 228-unit project, with estimated City tax savings between $1.3 million and $2.4 million over the term. Upon approval, the City Manager will issue a Conditional Certificate, followed by a Final Certificate once construction and program requirements are met.

Document date · April 28, 2025

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WithersRavenel logo
Derivita logo
Comcate logo
SafeTouch logo
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Motive logo
Veritone logo
TerraCycle logo
Cyvl logo
WithersRavenel logo
Derivita logo
Comcate logo
SafeTouch logo
IANS Research logo
Motive logo
Veritone logo
TerraCycle logo
Cyvl logo
WithersRavenel logo
Derivita logo
Comcate logo
SafeTouch logo
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Scope & details

The full contract record, as filed.

Contract amount
Estimated tax savings between $1,300,000 and $2,400,000 in City taxes and $8,800,000 to $16,100,000 from all taxing districts over 12 years
Contract type
FINANCIAL_SERVICES
Contract term
12-year property tax exemption; affordability duration 12 years; expected project completion November 2025
Renewal
MFTE tax exemption is for a fixed 12-year term on residential improvements, tied to provision of affordable units; no renewals or extensions are described. Conditional Certificate is valid for three years from application approval to complete construction before the owner may seek a Final Certificate.
Document type
Agenda
Source document
shoreline-city-council-agenda-alta-north-city-apartments-mfte-approval-april-28-2025_c2c.md

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Frequently asked questions

Common questions about this contract, answered from the record.

Who was awarded the financial services contract by Town of Shorter?

North City Apartments Owner Lp was awarded this financial services contract by Town of Shorter, as recorded on April 28, 2025. The contract value is Estimated tax savings between $1,300,000 and $2,400,000 in City taxes and $8,800,000 to $16,100,000 from all taxing districts over 12 years.

How much is the North City Apartments Owner Lp contract with Town of Shorter worth?

The North City Apartments Owner Lp contract with Town of Shorter is valued at Estimated tax savings between $1,300,000 and $2,400,000 in City taxes and $8,800,000 to $16,100,000 from all taxing districts over 12 years, covering financial services work.

What type of contract is this?

This is a Financial Services contract, documented as a agenda record.

Where was this contract approved?

This contract appears in shoreline-city-council-agenda-alta-north-city-apartments-mfte-approval-april-28-2025_c2c.md (Agenda), dated April 28, 2025 from Town of Shorter. Civic IQ extracts contract records directly from agency meeting documents and solicitations.

What other contracts does North City Apartments Owner Lp hold?

North City Apartments Owner Lp may hold additional government contracts. View their full contract history, the agencies they serve, and total tracked spend on their Civic IQ vendor profile.

View North City Apartments Owner Lp's profile

What is Town of Shorter currently buying?

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