AgdaPkt 2018-11-05 Joint SA PFA - Laserfiche WebLink

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7.13. - Page 2 of 23 The minimum duration for Mills Act Contracts is 10 years. One additional year is automatically added to the contract term each year unless the City and/or property owner elect to not renew, and the contract transfers 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 proposed Mills Act Contract with the 10 -year plan for this property is included as Attachment 1. Once granted a Mills Act Contract, a property owner may save as much as 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 $800 to $1,200 per year. FISCAL IMPACT Approval of a Mills Act Contract reduces 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. GENERAL PLAN AND ZONING COMPLIANCE The identification, documentation, and preservation of historic resources are some of the primary goals of the Historic Preservation/Built Environment section of the General Plan, and Mills Act contracts are part of the implementation program for achieving these goals. Specifically, the proposed project complies with the following General Plan Goals, Policies, and Programs: • Policy BE -37.1: Enhance, restore, preserve, and protect, as appropriate, historic resources throughout the City. • Policy BE -37.5: Provide incentives, support, and guidance to the owners of designated historic landmark sites to preserve and rehabilitate structures. ENVIRONMENTAL REVIEW The project is categorically exempt from the requirements of CEQA per Section 15308, Class 8 (Actions by Regulatory Agencies for Protection of the Environment), and Section 15331 Class 31 (Historical Resource Restoration/Rehabilitation). The Mills Act contract will ensure the maintenance, restoration, enhancement, and protection of the environment (which includes historical resources), and because the maintenance and preservation work carried out is required to be consistent with the Secretary of the Interior's Standards for the Treatment of Historic Properties. PUBLIC NOTICE A public hearing notice regarding this item was placed in the San Mateo Daily Joumal on October 17, 2018 and sent to the owner/applicant in compliance with the Historic Preservation Ordinance. ALTERNATIVES Should the City Council find there is not enough information to approve and authorize the City Manager to execute and record the Historic Property Preservation Agreement, the City Council may deny the request. The Council may also request that additional information be provided prior to a final decision being made. City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.org 516