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Historic Preservation Agreement (Mills Act Contract) <br /> <br />Property must be on a local, state or national register. <br /> <br />24 contracts approved in Redwood City since 1990. <br /> <br />Minimum duration of 10 years with automatic annual renewal. <br /> <br />Recorded against property and transfers with change of ownership. <br /> <br />Can result in up to 40-60% savings on assessed tax valuation. <br /> <br />Initial 10-year schedule of maintenance and improvements. <br /> <br /> <br />