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Create a Construction Excise Tax <br />(CET) <br />•0.33 % starting July 1, 2019 <br />•0.50 % starting July 1, 2020 <br />•Rate applies to all <br />construction types <br />•Total tax on any single <br />project capped at $1 million <br />•In first 2 years, City will <br />offset cost of CET paid by <br />applicant with an equivalent <br />decrease in SDCs <br />•City will designate funds to <br />make SDC funds whole <br />•Establish advisory committee <br />to recommend allocation of <br />funds <br />•Designate $500,000 per year <br />of City funds to the <br />Affordable Housing Fund <br />•Council Review program <br />every 2 years <br />Increase local funds for Affordable housing