AgdaPkt 2014-12-08 Closed and Joint SA

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8.B. - Page 2 of the application and the historic consultant's report/DPR 523 form in conjunction with the City's historic designation criteria: A. It exemplifies or reflects special elements of the City's cultural, aesthetic or architectural history; or B. It is identified with persons or events significant in local, State or national history; or C. It embodies distinctive characteristics of a style, type, period or method of construction, or is a valuable example of the use of indigenous materials or craftsmanship; or D. It is representative of the notable work of a builder, designer or architect. The DPR 523 form for this structure (see attached) discusses historical significance under Criteria A and C above. The property is an unusual example of the Spanish Colonial Revival style with elements of the Mission Revival style. The house exhibits many characteristics of the Flat Roof subtype of Spanish Colonial, a subtype that makes up about ten percent of the genre. The property is also significant as part of the overall Wellesley Park subdivision, which has been described as a picturesque suburban landmark design in Redwood City (Historic American Landscape Survey on Wellesley Park). MILLS ACT CONTRACT Historic Property Preservation Contracts, which are also known as "Mills Act" contracts, are considered by numerous local Governmental Agencies and preservationists throughout California as one of the most beneficial historic preservation incentives available today. Mills Act contracts provide for yearly property tax savings for the owner that can be channeled towards the long-term maintenance of a property. This historic preservation program was adopted by the City Council in 1990. To date, the City has granted approximately 21 Mills Act contracts. The minimum duration for Mills Act Contracts is 10 years. Contracts renew automatically every year and transfer in the event the property is sold to another party. Once approved, each contract is recorded against the title of the subject property and the information forwarded to the County Assessor's office. The initial Mills Act Contract includes a 10-year schedule of proposed maintenance and improvements. The 10-year plan for this property is attached herein. 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% 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.