Building_development

58:15 of our previous code, as well as our compliance with the density requirements for our comprehensive plan as well. So here we have kind of the existing map of MFTE where our multifamily tax exemption applies. So this area does follow a lot of the corridors and a lot of the bus rapid transit. But as we go look at the impacted parcels of this law, it doesn't cover all of the areas. So we do need to add an additional map to the MFTE to allow it in a larger area and a different area than we had previously allowed. So the state has adopted a preemptive code

59:13 that went into effect on June 30th, which was after our comprehensive plan adoption. But that fully implements the law superseding any local jurisdiction law if we aren't in full compliance. So the affordability mandate and the MFTE are technically in effect based off of this preemptive code. We still have to, are technically on the hook for implementation despite our local code not being adopted yet. And they are in the process of working on guidebook and implementation tools, which they're expecting to have completed in the fall of 2026. We are coordinating with them on what those look like and kind of what resources we need. And they have provided feedback as we work, as we identify it.

1:00:12 And once we, and we are going to be bringing to you VMC changes for the affordability mandate and MFTE. And once those are fully adopted and once commerce agrees to, hopefully, our substantially similar request, we will be in full compliance with the state law. For the MFTE changes, we plan to amend the MFTE to allow or to be utilized in all of the impacted stations and parcel areas. So that way, multifamily tax exemption can be applied to the impacted area. The amendment needs to include a 20-year exemption for parcels that meet the affordability requirements outlined in HB 1491, which is a 50-year

1:01:12 affordability mandate at those three affordability levels. And we have to allow a 50% exemption for impact fees for any project utilizing the 20-year multifamily tax exemption. - Just as currently, we don't allow those two programs to mix. So if you have MFTE, you can't have an impact fee reduction and vice versa, the state is gonna require us to do both. - So specifically for projects that meet the affordability levels outlined in this law and are within the station areas. So we don't have to apply this MFTE to anywhere beyond the station areas at this time. Additionally, we will need to bring Title 20 changes to implement the affordability mandate. The comprehensive plan is already compliant

1:02:12 with the rest of the required code changes, specifically the density requirements. Our stationary overlay is already in excess of the state requirements based in this law. And we have no density maximums, no building heights within station areas, and we've already removed parking minimums for residential. So those are already aligned. - Okay, so the next steps are we're keeping the MFTE and Title 20 code changes paired together. And so there will be planning commission, we'll take a look at the Title 20 changes next month. And then assuming they sign off on these, then we will bring the package back to you either later in September or early October.

1:03:11 And so you'll act on both sets of code changes and then we'll be fully compliant and hopefully we'll have the full definition of impacted areas and exempted parcels so that anybody coming to us with a development application