SPOKANE -- Downtown Spokane's Kendall Yards project got one step closer to becoming reality Monday night.

During their weekly meeting, the Spokane City Council unanimously approved a tax exemption agreement that will ensure developers build low to moderate income housing in the development.

It's a far cry from the old Kendall Yards plan which proposed higher end, luxury models, but times have changed economically, and new developer Greenstone wants to make sure more people can buy homes in the West Central project.

"We're real excited we'll be starting construction we think at the end of the month," said Jason Wheaton, President of Greenstone Corp.

The project is set to begin later this month, and the Spokane City Council's approval of a multiple-family housing property tax exemption will help move the $500 million dollar project forward.

Also, the exemption will not have an impact Spokane city voters.

"Your taxes stay the same. These properties are just exempted," said city of Spokane employee Terri Stripes at Monday night's meeting.

Stripes ensured city council members that the tax break won't impact city taxpayers.

In the exemption, a total of 279 multi-family units will receive a 12-year tax break. The exemption is possible because of a state law that encourages developers to build low to moderate income housing, which is a goal Greenstone is keeping in mind during this sluggish economy.

"I believe our product is going to be right on target with the market. We're going to be starting we think at $120,000 thousand," said Wheaton.

The project is expected to 10 years to complete, and will include 1,088 homes. Plans also include retail space and a park.

"We want people to own their homes and be proud of where they live," added Wheaton.

The tax exemption will officially kick in once the Kendall Yards project is complete and the Spokane City Council votes for one final approval.