Laserfiche WebLink
owner elect to not renew, and the contract transfers in the event the property is sold to <br />another party. Once approved, each contract is recorded against the title of the subject <br />property and the information forwarded to the County Assessor’s office. The initial Mills <br />Act Contract includes a 10-year schedule of proposed maintenance and improvements. <br />The 10-year plan for this property is included in Attachment 3. <br /> <br />Once granted a Mills Act Contract, a property owner may save as much as 40%-60% of <br />the individual assessed tax valuation of the property. Since the City collects less than <br />20% of the 1% of the assessed value of the property, an estimated loss of revenue to <br />the City for a property valuated at $1,000,000 would be approximately $800 to $1,200 <br />per year. <br /> <br />ALTERNATIVES <br />Should the Council find there is not enough information to approve and authorize the <br />City Manager to execute and record the Historic Property Preservation Agreement, the <br />Council may deny the request. The Council may also request that additional information <br />be provided prior to a final decision being made. <br /> <br />FISCAL IMPACT <br />Approval of a Historic Preservation Agreement (Mills Act Contract) reduces the annual <br />property tax collected by the City. The fiscal impact is minimal and acts as an incentive <br />to maintain and improve the City’s aging housing stock. <br /> <br />ENVIRONMENTAL REVIEW <br />The adoption of a Mills Act Contract is exempt from CEQA pursuant to CEQA <br />Guidelines Section 15331, Class 31. <br /> <br />SETH ADAMS <br />ASSOCIATE PLANNER <br /> <br />AARON AKNIN <br />ASSISTANT CITY MANAGER/COMMUNITY DEVELOPMENT DIRECTOR <br /> <br /> <br />7.B. - Page 2