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The City currently has an active development application for the property at 847-849 <br />Main Street (now addressed as 847-851 Main Street), and the Applicant for that project <br />has been notified of the proposed District Expansion and historic landmark designation. <br />Because this property is identified as a historic resource in the DTPP, the application <br />has already considered the historic preservation regulations of the DTPP specific to that <br />property. <br /> <br />POTENTIAL ISSUES <br />Any time that a historic district is proposed there is the possibility that some property <br />owners may not want to be included. This aversion could be due to any number of <br />reasons; however, two of the more common reasons include a perception that historic <br />districts severely restrict the improvement and use of structures, and the effect on <br />property values. <br /> <br />IMPROVEMENT AND USE OF STRUCTURES <br />As already discussed earlier in this report, all but two of the properties within the <br />proposed expanded District are already regulated by the historic preservation <br />regulations within the DTPP, and one of the two not in the DTPP area is already a local <br />historic landmark. All the properties to be added through expansion of the district will <br />become subject to the permitting requirements pertaining to historic districts in Chapter <br />40 of the Redwood City Code and, where applicable, the DTPP. The properties to be <br />designated as landmarks will be subject to the regulations applicable to landmarks <br />under Chapter 40. The regulations in the Historic Preservation Ordinance and the DTPP <br />do not preclude improvements (including additions) to properties that are historic <br />landmarks and/or within historic districts. Rather, they serve as a framework to ensure <br />that all proposed improvements are carried out in a manner that preserves the historic <br />character, integrity, and context of the historic structures and district. <br /> <br />PROPERTY VALUES <br />A second commonly heard objection to historic districts is that they negatively affect <br />property values. While there is substantial data showing that historic district <br />designations increase the value of residential properties, there has been little economic <br />research done on commercial historic districts; however, there is no evidence that <br />historic district designations negatively affect commercial property values. With the <br />exception of 1101 Main Street, all of the properties to be included in the expanded <br />district and/or designated as landmarks are already subject to some historic <br />preservation regulations under the Redwood City Code and/or the DTPP. It is also <br />important to note again that inclusion in the expanded District could bring potential <br />economic benefits by affording opportunities to apply for Federal rehabilitation tax <br />credits. <br /> <br />GENERAL PLAN AND ZONING COMPLIANCE <br />All of the properties within the Main Street Historic District Expansion are in <br />conformance with their respective General Plan land use designations and zoning <br />districts. Twenty-one of the twenty-three properties have a Mixed Use-Downtown <br />General Plan designation which allows for offices, theaters, retail, and restaurants. The <br />7.B. - Page 7