AgdaPkt 2002-10-28 - Laserfiche WebLink

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REPORT " · :~i ~' .~,. To th® Honombl~ M~yor lnd CityCoU"¢iI From the CitY Manager October 28, 2002 Subject Mills Act Contract (Historic Property Preservation Agreement)Amendment for the property located at 423 Beech Street per Chapter 40 of the Redwood City Code. Recommendation By resolution, approve the proposed Mills Act contract amendments, as outlined in the property owners proposal dated August 14th, 2002, (to be incorporated as Exhibit "C" of the subject agreement) which was recommended for approval by the Planning Commission and Historic Resoumes Advisory Committee (HRAC), Background Over 10 years ago the City Council approved enabling legislation that would allow it to adopt Mills Act Contracts per recommendation of the HRAC and unanimous support from the Planning Commission. Redwood City was the first municipality in San Mateo County to do so. This action reflected Redwood City's commitment and vision to protect its unique and high quality historic resources for the next generations. Mills Act contracts are now considered one of the most successful and effective historic preservation incentives available to communities throughout the State. Approximately 50 municipalities in California currently have adopted over 230 separate Mills Act contracts. Mills Act Contracts provide property tax relief in exchange for the long-term preservation of the subject property (which is monitored yearly by the City). Each contract is specific to each historic property and generally contains an itemized list of preservation work to be performed on the subject property within a specified amount of time (attachment 1 ). Mills Act contracts recognize that historic properties typically contain more detailed and handcrafted items than modern construction, and consequently, the long term preservation cost of these aging resources according to specified standards (the Secretary of Interior's Standards for Historic Rehabilitation) is generally higher. General savings can amount up to a 50% reduction in an individual tax bill. According to the historic preservation incentive concept, the money saved by the property owner as a result of the property tax relief is then available to assist the property owner in preserving these fragile resources. Redwood City currently has six Mills Act contracts in place. The City Council last adopted a Mills Act contract in December of 2001 for the property located at 197 Wellesley Crescent.