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A. The director shall approve an application for tax exemption if the director determines the project meets the eligibility requirements in BMC 3.90.060 and the application requirements of BMC 3.90.070. If the application fails to meet the requirements of BMC 3.90.060 or 3.90.070, the director must deny the application. The director’s approval or denial shall take place within 90 days of the director’s receipt of the completed application.

B. If the application is approved, the owner shall enter a MFTE contract with the city regarding the terms and conditions of the project and eligibility for exemption under this chapter. The MFTE contract shall provide for the assessment of a periodic monitoring fee, established by resolution of the city council, for the purpose of covering the city’s expenses associated with the review and processing of documents to maintain compliance with applicable income and affordability restrictions. The monitoring fee shall be at least equal to the monitoring fee assessed under BMC 12.07.040. The city manager is hereby authorized to, on behalf of the city, execute MFTE contracts meeting the requirements of state law and of the Bothell Municipal Code.

C. Following execution of the MFTE contract by the owner and the city, the director shall issue a conditional certificate of acceptance of tax exemption. The conditional certificate shall expire three years from the date of approval unless an extension is granted as provided in this chapter.

D. If the application is denied, the director shall state in writing the reasons for the denial and send notice of denial to the owner’s last known address within 10 calendar days of the denial.

E. Within 30 days of the date of notice of denial of an application for a conditional certificate under this section, the owner may file a notice of appeal with the city clerk, along with the appeal fee established by resolution of the city council, specifying the factual and legal basis for the appeal. The appeal shall be heard by the city’s hearing examiner pursuant to BMC 3.90.150. (Ord. 2358 § 1, 2021).