AgdaPkt 2014-12-08 Closed and Joint SA

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8.C. - Page 3 Once granted a Mills Act Contract, a property owner saves approximately 40%-60% of the individual assessed tax valuation of the property. Since the City collects less than 20% of the 1°/0 of the assessed value of the property, an estimated loss of revenue to the City for a property valuated at $1,000,000 would be approximately at $800 to $1,200 per year. GENERAL PLAN AND ZONING COMPLIANCE The designation of historic landmarks and implementation of Mills Act Contracts for the long term preservation of the Community's historic resources is one of the primary goals and objectives of the Historic Preservation/Built Environment section of the General Plan. The proposed historic designation does not change the zoning designation of the subject property. PUBLIC NOTIFICATION A public hearing notice regarding this item was advertised in the paper and sent to the owner/applicant in compliance with the Historic Preservation Ordinance. ALTERNATIVES Should the Council feel there is not enough information to designate the residence under at least one of the four Criterion listed above, the Council may deny the request. The Council could also request that additional information be provided prior to making a decision. FISCAL IMPACT Designation of a local historic landmark carries no fiscal impact, however, approval of an Historic Preservation Agreement (Mills Act Contract) does reduce the annual property tax collected by the City. The fiscal impact is minimal and acts as an incentive to maintain and improve the City's aging housing stock. ENVIRONMENTAL REVIEW The proposed historic designation and the adoption of the Mills Act Contract seek to ensure the long term preservation of the subject resource which is exempt from CEQA (California Environmental Quality Act) per Section 15331, Class 31, of the CEQA guidelines. KAREN VAUGHN PRINCIPAL PLANNER